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Shares of meme stock TOP Financial Group Ltd. TOP fell 38.6% in premarket trades Monday after soaring to a record high last week. The company’s stock ended Friday’s session up 441.1% on volume of 6.7 million shares, well above its average daily volume of 975,000 shares over the last 65 days. No apparent news drove the surge in TOP Financial Group’s stock, although the Hong Kong based broker is popular with the Reddit group WallStreetBets, a key player in the meme stock phenomenon that fueled rallies in AMC Entertainment Holdings Inc. AMC, GameStop Corp. GME and Bed Bath & Beyond Inc. BBBY.
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