Hindsight Markets Recaps Small-cap stocks on August 25, 2026
PMI, August 25: two $10.00 walls, two halts, and $11.12
PMI opened up 13%, ran to $11.12 through two halts, then gave back some of the run by the close.
What happened
Draft for review. Not published.
A halt that reopened lower
PMI opened 13% up at $5.87 and climbed into a halt at 9:38:35 at $6.75.
Stop It's 9:43. PMI was halted at 9:38 with a last trade of $6.75, and trading is about to resume. Would you buy the reopen?
Press play: the real Level 2, tape and chart run from 9:40 a.m. and stop at 9:43 a.m. ET for your call.
It reopened 4% lower at $6.50, then ran to $7.66 by 9:56.
The first $10 wall
This wall was pulled, not bought. The $10.00 ask wall vanished at 10:49:30. PMI hit $10.65, then fell into a halt at $8.84.
Stop It's 11:01. PMI has been halted since 10:51 with a last trade of $8.84. Before that it hit a high of $10.65 at 10:49. The halt is ending now. Would you buy the reopen?
Press play: the real Level 2, tape and chart run from 10:58 a.m. and stop at 11:01 a.m. ET for your call.
It reopened at $8.80 and traded as low as $7.93 that minute.
The second wall breaks
Stop It's 1:36. PMI is at $9.66. Shares have been offered at exactly $10.00 since 11:06 a.m., 37,369 at the peak. The 1:33 candle touched $10.00 and closed at $9.76. Would you buy here?
Press play: the real Level 2, tape and chart run from 1:33 p.m. and stop at 1:36 p.m. ET for your call.
This time buyers ate the wall. At 1:36:45, 25K shares traded at $10.00 in a tenth of a second.
The high of $11.12 came at 2:00. It closed at $9.53.
What to take from it: The same $10.00 wall led to a halt when pulled and to the day's high when eaten.
Replay PMI's day
It starts at 10:31 a.m. ET with the real Level 2, time and sales and chart, from the same feed the replay plays, stops at 10:34 a.m. and asks what you would do. Or press Play on any moment in How it traded.
The details
How it traded, step by step
Gap, run, gave some back. It gapped up 12.9% to $5.87 at the open, ran from the open to the high of $11.12 in 270 minutes through two halts, then gave back 30% of that move by 4:00 p.m., trading at $9.53, still above the open.
| Time (ET) | What happened | Watch it |
|---|---|---|
| 7:08 a.m. | First trade 20% above the previous close of $5.20 | |
| 7:08 a.m. | Pre-market high, $6.28 | |
| 9:30 a.m. | The open: $5.87, up 12.9% from the previous close | |
| 10:03 a.m. | Volume since 4:00 a.m. passes the whole float, 1.39 million shares | |
| 2:00 p.m. | High of the day to the close, $11.12 | |
| 3:59 p.m. | Last trade before the 4:00 p.m. close, $9.53, 14.3% 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
- $5.20
- Open, 9:30 a.m.
- $5.87
- Gap at the open
- +12.9%
- Pre-market high
- $6.28 at 7:08 a.m.
- High, 4 a.m. to 4 p.m.
- $11.12 at 2:00 p.m.
- Low, 4 a.m. to 4 p.m.
- $5.17
- Close, 4 p.m.
- $9.53
- Change at 4 p.m.
- +83.3%
- After-hours high, 4 p.m. to 8 p.m.
- $9.89 at 4:00 p.m.
- Volume, 4 a.m. to 4 p.m.
- 11.50 million
- Volume after hours, 4 p.m. to 8 p.m.
- 543,698
- Relative volume by 8 p.m.
- 14.1×
- Float
- 1.39 million shares, from filings as of August 25, 2026
- Shares outstanding
- 2.34 million
- Volume, from the one-minute bars: 381,566 shares before the 9:30 a.m. open (3%), 956,398 in the first 30 minutes (8%), and 10.71 million in the rest of the day to 8 p.m. (89%).
- Float rotation, the volume since 4 a.m. against the float of 1.39 million shares: past it once at 10:03 a.m., twice at 10:28 a.m., three times at 10:49 a.m.
- Other days PMI met the small-cap rule in our recaps: 7, the latest on October 16, 2026.
On the day's lists: the gainers, intraday runners. It is here because it met the small-cap rule on the gainers: 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 (2)
| Halted | Resumed | Length | The 5 minutes into it | Reopened at, against the last trade | The 5 minutes after | Reason in the feed | Watch it |
|---|---|---|---|---|---|---|---|
| 9:38 a.m. | 9:43 a.m. | 5 min 0 s | up 11.6% | $6.50, down 3.7% | up 1.4% | LULD pause (limit up-limit down) | |
| 10:51 a.m. | 11:01 a.m. | 10 min 0 s | down 9.0% | $8.80, down 0.5% | down 10.1% | 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 PMI on August 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.