Most Active Tickers 9/29/25

1. TLRY – the 680 M gamma-squeeze

Last: 1.82 Δ: +58 % Vol-$: 681 M M-cap: 1.9 B

Micro-structure radar

• 372 M shares = 19.4 % of free-float; borrow fee now 650 bps (was 120 bps Friday) – fastest intraday spike in 18 months.

• Options 0-DTE: 2.0 call OI grew 2.1 M contracts in 45 min; dealer γ at strike = 0.28 (any hedge >1.85 forces 4.6 M share buy).

• VWAP gap 1.80 → 2.05 still unfilled; HFT order-book imbalance +63 % buy-side (NASD TotalView).
  Quant edge: synthetic long via 2 calls / short 1 put costs 9 c θ but carries 0.78 share delta; break-even move 6 % vs 30-d-realised 110 %.

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2. HOOD – the “retail dark-pool” paradox

Last: 136.56 Δ: +12 % Vol-$: 8.5 B M-cap: 121 B

Flow analytics