Hindsight Markets Recaps Small-cap stocks on September 25, 2026
SHMD, September 25: two halts and $5.01
SHMD opened near its previous close, then ran to $5.01 through two halts during the session.
What happened
Before the open
We found no news or filing before the move. Before the bell it reached $3.70, on 73 shares.
The open
It opened near its previous close, at $3.62. It ran to $5.01 by 12:55 p.m.
The halts
Each halt froze the price and reopened it somewhere new. The exchange halted it two times, from 12:31 p.m. to 12:45 p.m. The biggest jump was the reopen after 12:31 p.m.: 13% above the last trade before it.
The close
It closed at $4.38, 13% under its high.
What to take from it: The move came during the session, not at the open.
The details
How it traded, step by step
Intraday run. It opened up 0.0% at $3.62, then ran from the open to the high of $5.01 in 205 minutes through two halts.
| Time (ET) | What happened |
|---|---|
| 4:33 a.m. | Pre-market high, $3.70 |
| 9:30 a.m. | The open: $3.62, up 0.0% from the previous close |
| 12:41 p.m. | First trade 20% above the previous close of $3.62 |
| 12:55 p.m. | High of the day to the close, $5.01 |
| 3:59 p.m. | Last trade before the 4:00 p.m. close, $4.38, 12.6% 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
- $3.62
- Open, 9:30 a.m.
- $3.62
- Gap at the open
- +0.0%
- Pre-market high
- $3.70 at 4:33 a.m.
- High, 4 a.m. to 4 p.m.
- $5.01 at 12:55 p.m.
- Low, 4 a.m. to 4 p.m.
- $3.48
- Close, 4 p.m.
- $4.38
- Change at 4 p.m.
- +21.0%
- After-hours high, 4 p.m. to 8 p.m.
- $5.38 at 4:56 p.m.
- Volume, 4 a.m. to 4 p.m.
- 4.18 million
- Volume after hours, 4 p.m. to 8 p.m.
- 911,638
- Relative volume by 8 p.m.
- 19.1×
- Float
- 32.57 million shares, from filings as of September 25, 2026
- Shares outstanding
- 61.64 million
- Volume, from the one-minute bars: 73 shares before the 9:30 a.m. open (0%), 19,894 in the first 30 minutes (0%), and 5.07 million in the rest of the day to 8 p.m. (100%).
- In our recaps, this is the only day SHMD met the small-cap rule.
On the day's lists: the intraday runners. It is here because it was in play on the intraday runners: up 30% or more on $3 million or more really traded, outside the small-cap rule's price, relative volume or float, its high reached $1 or more and it started the day at $20 or under (the rule every page uses).
Halts (2)
| Halted | Resumed | Length | The 5 minutes into it | Reopened at, against the last trade | The 5 minutes after | Reason in the feed |
|---|---|---|---|---|---|---|
| 12:31 p.m. | 12:41 p.m. | 10 min 0 s | up 16.2% | $4.60, up 12.7% | up 6.7% | LULD pause (limit up-limit down) |
| 12:45 p.m. | 12:50 p.m. | 5 min 0 s | up 20.3% | $4.91, unchanged | down 5.1% | LULD pause (limit up-limit down) |
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 SHMD on September 25, 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.