: Meme stock Top Financial Group plunges 39.4% on heavy trading volume
Shares of meme stock TOP Financial Group Ltd. TOP fell 39.4% Friday amid heavy trading volume. The Hong Kong-based trading firm joined the list of meme stocks last week when its shares skyrocketed more than 890%, spurred on by the WallStreetBets crowd on Reddit. In the last five days, Top Financial’s shares have pulled back 90.4%.The stock saw trading volume of just under 12.7 million shares Friday, well above its average 65-day trading volume of 1.26 million shares. Small-cap Chinese stocks have been attracting plenty of meme-like attention recently. Shares of Baosheng Media Group Holdings Ltd. BAOS, rose 38.4% Friday on trading volume of just under 2.5 million shares, well above the stock’s 65-day average of around 93,000 shares. Top Financial Group has a market cap of just under $612.7 million, while Baosheng has a market cap of just under $9.4 million.
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