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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.

as of table 6×5read in context →
The two Rule 144 volume tests, in millions of shares — 6 rows by 5 columns, computed from US exchange, SIP and OPRA data.
tickercap_shares_mcap_weekly_mquarterly_cap_mlarger_test
AAPL147.48259.26259.26four-week volume
MSFT74.31189.19189.19four-week volume
KO43.0378.5178.51four-week volume
AXP6.9513.9813.98four-week volume
ADP4.0412.0412.04four-week volume
BLK1.553.253.25four-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
Formats
JSON · CSV · the SQL below

What each column holds

Column definitions for The two Rule 144 volume tests, in millions of shares, derived from the stored result.
ColumnTypeRangeNotes
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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