, reminiscent of meme-like rallies last summer that were underpinned by strong demand from retail investors.
So-called meme rallies are unusual share price gains, driven by social media sites patronized by individual traders. Online brokerage firm Top Financial Group Ltdspiked 645% to $149 per share in afternoon trading on Friday, continuing the trajectory recorded during premarket trading and giving the company a market capitalization of about $5 billion. The stock had nearly tripled to $20 per share in regular hours on Thursday and closed at a total market value of $701 million.