Hindsight Markets Recaps Small-cap stocks on September 23, 2026
IPDN, September 23: a run to $11.25
IPDN opened up 74%, ran to $7.70, then fell below its open by the close.
What happened
Before the open
We found no news or filing before the move. Before the bell it reached $11.25, on 11M shares.
The open
It opened up 74%, at $6.93. It ran to $7.70 by 9:32 a.m.
The close
It closed at $5.37, 52% under its high.
What to take from it: The whole move was given back: it finished below the price it opened at.
The details
How it traded, step by step
Gap, run and fade. It gapped up 73.7% to $6.93 at the open, ran from the open to the high of $7.70 in 2 minutes, then gave back 303% of that move by 4:00 p.m., trading at $5.37, below the open.
| Time (ET) | What happened |
|---|---|
| 4:00 a.m. | First trade 20% above the previous close of $3.99 |
| 4:04 a.m. | Volume since 4:00 a.m. passes the whole float, 413,227 shares |
| 4:48 a.m. | Pre-market high, $11.25 |
| 4:48 a.m. | High of the day to the close, $11.25 |
| 9:30 a.m. | The open: $6.93, up 73.7% from the previous close |
| 3:59 p.m. | Last trade before the 4:00 p.m. close, $5.37, 52.3% below the high |
The shape's name comes from a fixed rule, not a judgement (how shapes are named). Halts are in the halt table below.
The day in numbers
- Previous close
- $3.99
- Open, 9:30 a.m.
- $6.93
- Gap at the open
- +73.7%
- Pre-market high
- $11.25 at 4:48 a.m.
- High, 4 a.m. to 4 p.m.
- $11.25 at 4:48 a.m.
- Low, 4 a.m. to 4 p.m.
- $4.71
- Close, 4 p.m.
- $5.37
- Change at 4 p.m.
- +34.6%
- After-hours high, 4 p.m. to 8 p.m.
- $5.76 at 5:57 p.m.
- Volume, 4 a.m. to 4 p.m.
- 14.31 million
- Volume after hours, 4 p.m. to 8 p.m.
- 228,793
- Relative volume by 8 p.m.
- 18.1×
- Float
- 413,227 shares, from filings as of September 23, 2026
- Shares outstanding
- 481,677
- Volume, from the one-minute bars: 10.95 million shares before the 9:30 a.m. open (75%), 1.37 million in the first 30 minutes (9%), and 2.22 million in the rest of the day to 8 p.m. (15%).
- Float rotation, the volume since 4 a.m. against the float of 413,227 shares: past it once at 4:04 a.m., twice at 4:07 a.m., three times at 4:11 a.m.
- Other days IPDN met the small-cap rule in our recaps: 3, the latest on October 6, 2026.
On the day's lists: the pre-market gappers, gainers, intraday runners. It is here because it met the small-cap rule on the pre-market gappers: price $2 to $20, up 10% or more, relative volume 5× or more, float under 20 million shares, its high reached $1 or more and it started the day at $20 or under (the rule every page uses).
Halts (none)
The exchange's halt feed shows no halts for IPDN that day.
Halt bands that day: the LULD plan's Amendment 18 rules (what that means, LULD calculator).
How we read the data, name a day's shape and pick the stocks: methodology.
Trade this day
Replay IPDN on September 23, 2026 in Hindsight Markets: the real tape, the order book and the halts, on a clock you control, and see where your orders would have filled.