Looking for an explanation of strange order fills. NYSE stock below $4.00, order to buy 5000 shares 4 cents under the bid placed just after the open. 2 hours later 4 fills for 2 shares, 1 share, 1 share and 1 share. 3 minutes later 4 fills for 798 shares, 799 shares, 699 shares and 799 shares. I know this is a BOT doing these executions. What is the logic for the BOT to execute orders like this ? Why not just 4 round lot fills ?
I assume 5K is large for this stock? They are trying to see if the order is firm or if it will be pulled as soon as it starts trading. If you want to get filled, don’t put large orders out there to be seen.