Hong Kong online brokerage TOP Financial (NASDAQ:TOP) stock tumbled 38% in afternoon trading Friday.
Shares of TOP, formerly known as Zhong Yang, opened at $17.80, hitting a high of $20.14 in early trading before sinking to a low of $7 in early afternoon. The stock recently changed hands at $11.96 at approximately 2:15 p.m. ET.
TOP shares have been highly volatile in recent days. The stock shot up 103% on Monday only to drop 26% on Tuesday and another 17% on Wednesday. The shares rallied on Thursday to close 52% higher.
TOP held a $25M initial public offering on June 1, offering 5M shares priced at $5 per share. The company changed its name to TOP Financial from Zhong Yang on July 22.
Image and article originally from seekingalpha.com. Read the original article here.