11/20/2023 0 Comments Top financial group stockOne thing is certain: when low-float stocks experience high trading volume, stock prices tend to skyrocket on outsized swings.Īs a result, TOP has a stock price nearly 22 times higher today than on J, certainly implying that if the business does not progress as intended by the company, this market valuation will fail in relation to the intrinsic value of the stock. Total trading volume on Thursday was about 6 times the free float of 5 million shares that TOP was indicated to have, and that discrepancy may have contributed to the social sentiment to have shares of TOP in a portfolio at all costs. TOP Stock Price at 22x IPO Stock Price Now Requires Business Growth The share price closed at $20 on April 27, up 179% from $7.17 at the close on April 26 and reached $24 intraday, but excessive volatility forced TOP stock to be halted several times on Thursday.Īpparently, TOP Financial Group was not alone as a handful of other low-float stocks from China's financial services sector were raved about by meme investors. Yahoo Finance puts the volume of shares traded on Thursday, April 27 at 34,109,600 - look at the dense array of thin bars below the TOP price curve for April 27 - while the share price is up significantly, but didn't shoot up as much as on Friday. The trading activities of the previous day do not go unnoticed either. "While it is the Company's practice not to comment on any stock movement, we believe it is important to note that we caution investors and all other persons to rely solely on statements and filings with the United States Securities and Exchange Commission issued by the Company itself or its authorized representatives." In response to the wild swings that took place on Friday, the Hong Kong-based online brokerage firm issued the following statement during regular business hours, adding that it would not comment further on the matter: TOP specializes in trading local and foreign stocks in addition to futures and options products, but the bulk of its revenue comes from commissions on futures contracts. Zhong Yang - the founder of TOP - offered a total of 5 million common shares and asked for a price of $5 per share. The stock went public through a $25 million initial public offering on Wednesday, June 1, 2022, under Zhong Yang Financial Group ( TOP) and thereafter changed its name to TOP Financial Group Limited in July 2022. Source: Seeking Alpha About the TOP Financial Group and their "No Comment" on the Share Price Movements Of the total shares issued and outstanding, most shares are privately held by corporations, while a much smaller 14.24% is held publicly for a market value of approximately $540.12 million. The swap was impressive considering the company has a float of around 5 million shares freely tradable on the NASDAQ, while the total number of issued and outstanding shares of TOP Financial Group is 30 million. A volume of around 6.7 million shares was exchanged on the market. TOP Financial Group shares closed at $108.21 on April 28, up 441.05% from the previous close, bringing the market cap to around $3.8 billion. The stock price suddenly shoots up, increasing the risk that the stock's market value is largely decoupled from the company's fundamentals. Therefore, many investors, convinced by the information on these platforms, choose to trade these stocks. Intense online activity with discussions and analysis of meme stocks on social media and blogs creates and fosters social moods as these technologies have the amazing ability to evoke cybernauts' emotions. Shares of the Hong Kong-based online broker soared more than 1,150% at one point intraday on April 28.Ī meme stock is a viral stock capable of monopolizing people's attention online, and the social sentiment surrounding the stock that reigns supreme in such an event is critical to its reproducibility. In the past two trading days "meme investors piled into the trade" says Yahoo Finance Live disrupting about half a year of flat trading on the NASDAQ exchange for TOP Financial Group ( NASDAQ: TOP ). Shironosov TOP Financial Group has Skyrocketed on Recent Unusual Trading Activity
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