Yeah, could be.....or could even be both...promo and RM.
You see it all the time, but I never really understood the concept of loading and/or running a stock up prior to an RM being made public, doesn't seem very bright on the part of the insiders. What happens if the SEC starts investigating, how do you explain where the mysterious volume came from, it's obvious folks with inside information loading, would that not be illegal insider trading...??