The two Rule 144 volume tests, in millions of shares
Answered against 22 years of US equities and 12 years of US options data and published with the query that produced it. This result is stored as of 2026-08-22, from Rule 144 and Selling Restricted Stock.
| ticker | cap_shares_m | cap_weekly_m | quarterly_cap_m | larger_test |
|---|---|---|---|---|
| AAPL | 147.48 | 259.26 | 259.26 | four-week volume |
| MSFT | 74.31 | 189.19 | 189.19 | four-week volume |
| KO | 43.03 | 78.51 | 78.51 | four-week volume |
| AXP | 6.95 | 13.98 | 13.98 | four-week volume |
| ADP | 4.04 | 12.04 | 12.04 | four-week volume |
| BLK | 1.55 | 3.25 | 3.25 | four-week volume |
- Rows × columns
- 6 × 5
- Computed
- Completeness
- No missing values
- Source
- US exchange, SIP and OPRA market data
- Licence
- Strasmore terms · free, no signup
What each column holds
| Column | Type | Range | Notes |
|---|---|---|---|
ticker |
text | 6 distinct values (AAPL, ADP, AXP…) | |
cap_shares_m |
number | 1.55 to 147.48 | count |
cap_weekly_m |
number | 3.25 to 259.26 | |
quarterly_cap_m |
number | 3.25 to 259.26 | |
larger_test |
text | 1 distinct value (four-week volume) |
Computed from Strasmore's warehouse of US exchange, SIP and OPRA market data. Equity prices are delayed; options greeks and implied volatility are end-of-day. This result is stored, not recomputed on load — it is exactly the numbers that were returned on , and the query below is what returned them.
the exact SQL behind every number
SELECT
v.ticker AS ticker,
round(s.shares_out / 100 / 1e6, 2) AS cap_shares_m,
round(v.weekly_volume / 1e6, 2) AS cap_weekly_m,
round(greatest(s.shares_out / 100, v.weekly_volume) / 1e6, 2) AS quarterly_cap_m,
if(v.weekly_volume >= s.shares_out / 100,
'four-week volume',
'one percent of shares') AS larger_test
FROM
(
SELECT
ticker,
toFloat64(sum(volume)) / 4 AS weekly_volume
FROM global_markets.stocks_daily_aggs
WHERE ticker IN ('AAPL', 'MSFT', 'KO', 'ADP', 'AXP', 'BLK')
AND date >= today() - 32
AND date < today() - 4
GROUP BY ticker
) AS v
INNER JOIN
(
SELECT
arrayJoin(tickers) AS ticker,
toFloat64(argMax(basic_shares_outstanding, (filing_date, period_end))) AS shares_out
FROM global_markets.stocks_income_statements
WHERE hasAny(tickers, ['AAPL', 'MSFT', 'KO', 'ADP', 'AXP', 'BLK'])
GROUP BY ticker
) AS s ON s.ticker = v.ticker
WHERE s.shares_out > 0
ORDER BY cap_weekly_m DESC
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