: Meme stock TOP Financial Group soars 240% premarket amid speculation of massive short covering to come

The stock of TOP Financial Group Ltd. TOP, a Hong Kong-based broker that went public last year, soared 240% in premarket trade Friday with no apparent news to drive the move. The stock is popular with the Reddit group WallStreetBets, where a user with the handle Major-Access2321 was encouraging others to look at after-market trades from late Thursday. The chart showed a steep rise in the stock and the user was speculating that Friday would see a huge round of short covering. TOP went public at $5 a share on June 1, 2022, the low end of the range of $5 to $6 it had told investors to expect. The stock immediately rallied about 400%. It has been volatile since then and is showing gains of more than 300% for the year to date.

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