2023-04-28 14:34:05 ET
Shares of TOP Financial Group (NASDAQ: TOP) , an online brokerage business based in Hong Kong, had exploded nearly 633% higher as of 1:49 p.m. ET today. At one point earlier in the session, the stock was up an incredible 1,182%.
While there is no definitive reason behind the huge move, it seems like it is largely being driven by meme-stock speculation. The popular subreddit WallStreetBets (WSB) had reportedly been discussing the stock on its daily discussion board and WSB has certainly been behind many meme-stock run-ups in the past.
TOP Financial went public last year and, according to its website, the company specializes "in the trading of local and foreign equities, futures, and options products." It largely generates revenue by earning commissions on futures contracts.
For further details see:
Why TOP Financial Group Has Blasted More Than 600% Higher Today