TOP Stock Alert: TOP Financial Group Resumes Trading

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  • TOP Financial Group (TOP) has officially resumed trading.
  • The SEC had previously suspended shares due to “unusual, and unexplained market activity.”
  • TOP stock is up by over 90% year-t0-date.
TOP stock - TOP Stock Alert: TOP Financial Group Resumes Trading

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TOP Financial Group (NASDAQ:TOP) resumed trading yesterday after shares were suspended from May 12 to May 25. And were then suspended again from May 25 to May 30. Earlier this year, shares of the company surged to as high as $256 on no company-specific news, surprising investors across the board. TOP traded at $7 just a few days earlier.

This powerful and unexplained move echoed similar price action in Hong Kong stocks such as AMTD Digital (NYSE:HKD) and Magic Empire Global (NASDAQ:MEGL). The move also caught the eye of the Securities and Exchange Commission (SEC), which chose to suspend shares of TOP.

“The Commission temporarily suspended trading in the securities of TOP because of recent, unusual, and unexplained market activity raising concerns regarding the adequacy and accuracy of publicly-available information, in light of disclosures made concerning TOP’s financial condition and scope of operations,” said the regulatory agency.

TOP Stock: TOP Financial Group Resumes Trading

TOP Financial itself also released a statement on the unusual price action:

“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.”

The company also stated that it would not make any further announcements regarding its price action. The statement, which provided no material information on what TOP knows about its price action, likely influenced the SEC to suspend its shares. The SEC may have also suspected that a pump-and-scheme scheme was occurring with the company’s shares. Today, shares are trading in the $9 range, a far cry from the recent price of $256.

So, what exactly does the company do? TOP Financial operates as a holding company with subsidiaries engaged in the provision of equities, futures, and options. During its last earnings report for the six months ended Sept. 30, revenue tallied in at $5.2 million, up by 63% year-over-year. Net profit was $2.5 million, up by 178% compared to a year ago. For the six months ended Sept. 30, TOP has forecasted revenue between $6.5 and $7 million, implying yearly growth between 25% and 35%.

On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2023/05/top-stock-alert-top-financial-group-resumes-trading/.

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