From Dow Jones & Company:

Shares of TOP Financial Group Ltd. fell 12.2% in premarket trades after ending Friday’s session up 64.8% — the biggest daily percentage gain since April 28, 2023 when the stock rose 441.1%. The stock surged on trading volume of 72.63 million shares Friday, well above its 65-day trading volume of 1.26 million shares, and was halted for volatility during the session. Short interest as a percentage of TOP Financial’s public float of shares was 0.86%. The company was one of a number of small-cap Chinese stocks that generated meme-like buzz in 2023. TOP Financial has a market cap of $188.71 million. For the six months ending Sept. 30, 2023, the company’s revenue was $7.1 million, up from $5.2 million in the same period in the prior year. In a filing, the company attributed the revenue increase to its revised business strategy to diversify the services it provides to customers, rather than focus on futures brokerage commissions. Shares of TOP Financial have risen 49.7% in the last 52 weeks, outpacing the S&P 500 index’s gain of 21.5%.



Read more: TOP Financial’s stock slides after Hong Kong-based company saw huge gains