Today also there is a spike in voluem of 36000 stock at 3.59pm. My thesis is that MM are buying stock for company and handing it to them at the final hour. The other theory is that index adjusting at the final minute.
Anybody have any factual info on this. Every single day this thing is happening.
Today Perficient bought 24200 shares at the last minute. These last minute spike in volume, in my opinion, is a sign that MM is handing over the stock to the buyer.
On the other hand the average volume of the trade is around 100 to 150 stocks. No market maker will babysit the tape and trade this stock. This could be index fund adjustments also. Probably the last minute spike could be the index funds or ETFs transactions.
If any of you are knowledgeable on this, please share.