Surging Volume Pushes Stock to 221st in Activity as Price Remains Unmoved

On September 25, 2025, The experienced a 38.75% surge in trading volume to $0.54 billion, ranking 221st in market activity. Despite elevated liquidity, the stock closed with neutral price movement as broader market dynamics remained subdued. Volume expansion outpaced recent averages, suggesting heightened institutional interest or position adjustments among large investors.

Analysts noted unusual order flow patterns in the equity, with buy-side dominance evident in extended timeframes. The stock's volume rank suggests it attracted attention comparable to mid-cap equities during the session, though its price action remained uncorrelated to sector-specific catalysts. Market participants are monitoring whether this liquidity spike reflects fundamental developments or algorithmic trading activity.

To run this back-test accurately I need to clarify a few practical details: 1. Universe - Which stock universe should I screen each day for the highest trading volume? • All U.S. listed equities (NYSE + NASDAQ + AMEX) • A specific index constituent list (e.g., S&P 1500, Russell 3000) • Another market? 2. Trade-price convention • Enter at each day’s close and exit at the next day’s close (typical for daily volume rankings), or • Enter at the next day’s open and exit at that day’s close? • Any other convention? 3. Transaction costs / slippage • Should we include an assumed round-trip cost (e.g., 5 bp each side) or ignore costs? 4. Cash handling • Unused cash remains un-invested, or the portfolio is always fully allocated (equal-weighted across the 500 names)? Once I have these points I can generate the data-collection plan and run the back-test.