Hindsight Markets Small-cap stocks on September 25, 2026
IPDN on September 25, 2026: why it ran
On September 25, 2026, IPDN opened down 3.6% from the previous close of 4.17 and reached 6.29 at 1:04 p.m. ET. The exchange halted it once.
- Previous close
- 4.17
- Open, 9:30 a.m.
- 4.02
- Gap at the open
- down 3.6%
- Pre-market high
- 4.00 at 4:00 a.m.
- High, 4 a.m. to 4 p.m.
- 6.29 at 1:04 p.m.
- Low, 4 a.m. to 4 p.m.
- 3.71
- After-hours high, 4 p.m. to 8 p.m.
- 4.59 at 4:05 p.m.
- Last trade before 4:00 p.m.
- 4.44
- Volume
- 1.67 million
- Relative volume
- 1.1x
- Float
- 413,227 shares, from filings as of September 25, 2026
- Shares outstanding
- 481,677
Replay IPDN's day
It starts at 12:46 p.m. ET with the real Level 2, time and sales and chart, from the same feed the replay plays, stops at 12:49 p.m. and asks what you would do. Or press Play on any moment in How it traded.
The day, step by step
- Small cap
- Momentum
- Main move: early afternoon
- Ask wall broken
- Halted once
- Lower high after the top
- Float traded about 4x
The day before
On September 24, IPDN traded between $3.40 and $5.27 and closed at $4.17. Our data has no news headline for September 25.
Pre-market and the open
The first trade on the 25th was $3.97 at 4:00 a.m., already below the $4.17 close. The pre-market high was $4.00, first reached at 4:00 a.m. (it touched $4.00 again at 8:20 and 9:29). It fell to $3.71 by 4:10 and then drifted around $3.85 to $3.95. 12,720 shares traded before the bell.
It opened at $4.02, down 4% from the previous close. The next minute it was at $3.94, the low since the open.
It climbed to $4.70 at 9:52 a.m., up 17% from the open. Then it slipped back. In the 9:58 minute, 15,713 shares traded, including one 10,194-share print at $4.29 on the bid. By 10:09 it was at $4.17.
Grinding up to $5
From $4.33 at 10:30 a.m. it worked higher in small steps: $4.78 at 10:50, $5.00 at 12:35, $5.11 at 12:42. A 13,977-share minute at 12:43 pushed it back to $4.79 by 12:44, but it recovered.
Then volume jumped. The 12:57 minute traded 45,632 shares. The 12:58 minute traded 113,633 and hit $6.09, up 41% from the $4.33 at 10:30. A minute later it was back down to $5.26.
The wall at $5.90
At 12:59 p.m. a lot of stock was offered at exactly $5.90. It peaked at 25,825 shares at 12:59:29, about 6% of the 413,227-share float. Another wall sat at $6.25. It peaked at 26,719 shares at 1:00 p.m.
Over the next few minutes the stock pushed up toward the first wall: the 1:00 minute opened at $5.44, 1:01 at $5.63, and 1:02 reached $5.90.
Stop It's 1:03. IPDN is at $5.74. A wall of up to 25,825 shares has been offered at $5.90 since 12:59, and more sits at $6.25. Would you buy here?
Press play: the real Level 2, time and sales and chart stop at 1:03 p.m. ET for your call, then show what happened. The clip starts at 1:00 p.m. ET.
Here's what happened. At 1:03:20 the wall at $5.90 started to trade. In under a second, 24,124 shares traded at exactly $5.90 and the wall was gone. It wasn't pulled. Buyers ate it. In the same instant a 30,780-share buy order swept from $5.87 to $6.03 across 17 price levels.
The $6.25 wall was pulled at 1:03:45. At 1:04 p.m. IPDN hit $6.29, the high so far, up 51% from the previous close. The 1:04 minute traded 125,112 shares. By 1:06 it had traded as low as $5.65.
The drop, the halt, and the reopen
A new ask wall of up to 27,030 shares formed at $6.10 at 1:05 p.m. and stayed until 1:15. At 1:11:18 a 13,358-share sell order swept from $5.50 to $5.29 across 22 levels. The 1:11 minute went down to $5.12.
At 1:12 p.m. it was halted (a volatility pause) with the last trade at $4.97. It stayed halted for ten minutes.
It reopened at 1:22:29 p.m. at $4.90, with a 15,237-share print at that price. At 1:22:30 a bid wall of up to 24,603 shares appeared at $4.19.
It fell to $4.35 at 1:25 p.m., down 31% from $6.29.
Stop It's 1:26. IPDN is at $4.43, down from $6.29 at 1:04. A bid wall has been sitting at $4.01 since 1:24. Would you buy here?
Press play: the real Level 2, time and sales and chart stop at 1:26 p.m. ET for your call, then show what happened. The clip starts at 1:23 p.m. ET.
Here's what happened. At 1:26:29 the $4.01 wall was pulled. One second later a 10,872-share trade printed at $4.75 at the ask, and a 22,046-share sell order swept from $4.75 to $4.70. The minute reached $4.77, a lower high under the $6.29 top. Then it started to slide.
The rest of the day
After the 1:26 push it faded: $4.06 at 1:30 and $4.05 at 1:31 p.m. After that it stayed mostly between about $4.05 and $4.67 for the rest of the afternoon, and traded at $4.44 in the last regular minute, 3:59 p.m. A 4:00 minute opened and closed at $4.50.
After hours it traded between $4.09 and $4.59. 58,593 shares traded after the close.
By the end of the regular session, 1.60 million shares had traded: the 413,227-share float changed hands about 4 times. Volume was 1.09 times normal.
What to take from it
- A big ask wall can be a level, not a ceiling. The $5.90 wall went in under a second. Only 267 shares were offered at the $5.94 screen price, and a 5,000-share buy paid $517 over the screen.
- After the top, the next push stopped lower. $6.29 at 1:04 p.m., then $4.77 at 1:26 p.m.
- Most of the run was gone by the end of the session. It traded at $4.44 at 3:59 p.m., 29% below the $6.29 high.
Why it ran
News and SEC filings for IPDN published between the previous session's close and the first minute IPDN traded 20% above it, at 12:38 p.m. ET, newest first, from the same feeds the replay shows.
No news found before the move.
How it traded
Intraday run. It opened down 3.6% at 4.02, then ran from the open to the high of 6.29 in 214 minutes.
| Time (ET) | What happened | Watch it |
|---|---|---|
| 4:00 a.m. | Pre-market high, 4.00 | |
| 9:30 a.m. | The open: 4.02, down 3.6% from the previous close | |
| 12:38 p.m. | First trade 20% above the previous close of 4.17 | |
| 12:59 p.m. | Volume since 4:00 a.m. passes the whole float, 413,227 shares | |
| 1:04 p.m. | High of the day to the close, 6.29 | |
| 1:12 p.m. | Halted: LULD pause (limit up-limit down). Trading resumes at 1:22 p.m. | |
| 3:59 p.m. | Last trade before the 4:00 p.m. close, 4.44, 29.4% below the high |
The shape is a fixed rule, not a judgement: gapped 10% or more at the open, ran 10% or more from the open to the high, and faded if it gave back 30% or more of that move by the close.
The day in numbers
- Volume, from the one-minute bars: 12,720 shares before the 9:30 a.m. open (1%), 45,307 in the first 30 minutes (3%), and 1.62 million in the rest of the day to 8 p.m. (97%).
- Float rotation, the volume since 4 a.m. against the float of 413,227 shares: past it once at 12:59 p.m., twice at 1:05 p.m., three times at 1:23 p.m.
- The halt at 1:12 p.m.: down 9.8% in the 5 minutes into it, reopened at 4.90, down 1.4% from the last trade before it, then down 6.5% over the next 5 minutes.
- Other days IPDN met the small-cap rule in our recaps: 3, the latest on October 6, 2026.
Halts
| Halted | Resumed | Length | Reason in the feed |
|---|---|---|---|
| 1:12 p.m. | 1:22 p.m. | 10 min 0 s | LULD pause (limit up-limit down) |
On this date the LULD plan ran under Amendment 18, in force from February 24, 2020: no band doubling at the open, and the closing doubling only for Tier 1 stocks and Tier 2 stocks whose previous close was at or below three dollars. See LULD halts or work out a band with the LULD calculator.
Trade this day
Replay IPDN 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.