TOP Financial Group Stock Is Falling: What's Going On?

TOP Financial Group Ltd TOP shares are moving lower Monday, pulling back after soaring nearly 450% in Friday's trading session. 

What Happened: TOP Financial Group shares began surging on abnormally high volume last week amid increased retail investor attention. Several traders across social media platforms were circling a rumor that an "additional issuance was approved" by the U.S. SEC, per Benzinga Pro.

The outsized gains that followed appear to be driven by the low-float nature of the stock, plus relatively high short interest in the name. TOP has a float of approximately 5 million and 9.28% of the float is currently sold short, according to Benzinga Pro data. 

On Friday, the company issued a statement, cautioning investors to rely solely on statements and filings by the company or authorized representatives. The stock began pulling back on the heels of the company's statement and is continuing to trend lower Monday.

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TOP Price Action: TOP shares traded as high as $256.44 last week.

The stock was down 37.2% at $68 at the time of publication, according to Benzinga Pro.

This illustration was generated using artificial intelligence via MidJourney.