2023-05-02 10:42:25 ET
Shares of the Hong Kong-based online broker Top Financial Group (NASDAQ: TOP) traded roughly 12% higher as of 10:28 a.m. ET for no obvious reason, but as volatility continued to influence what has become the latest meme stock phenomenon. Top Financial is still up more than 760% over the last five days.
Top Financial is among the latest Hong Kong-based stocks with low floats to grab the attention of the meme-stock crowd and was mentioned on the popular subreddit WallStreetBets. The stock only has a public float of 2.56 million shares and also had more than 12% short interest, raising the potential of a short squeeze or for a short to cover.
However, despite being up today, the stock has fallen in recent days and some traders believe it may be starting to fade, according to the influential subreddit user Major-Access2321, who raised the idea about Top Financial on WallStreetBets and goes by the name Obi.
For further details see:
Why Shares of Top Financial Group Are Up Again Today