The sec requires trades that are posted late to be marked with a "t" designation. When you see this show up, usually after hours, it is actually a trade covering a short position. Those who say it's mm's balancing their books are correct, but the way they off-handedly dismiss it as insignificant when a pump is in progress is disingenuous at best. What is being balanced is the short position taken during the trading day by the mm or someone for whom he is the agent. These most commonly occur when you have someone with a large quantity of shares selling into the retail trading float. The size and price of the t trade varies depending on how many shares they were able to short during the day, and at what price. Once the quantity and average price is known at the close of the trading day, the mm issues himself the t trade from the inventory he has been given by the selling party. The reason the shares are shorted first and then covered is because the mm doesn't know how many he'll be able to sell nor at what price until the day is done. The shares can be from a 504, private placement, formerly restricted shares, etc. It's a common P&D trick to sell shares from a pp or former restriction in this manner because they can say that the os hasn't changed, giving the false impression that there is no dilution. These trades are generally IMO a big bright RED FLAG if they show up on a stock that is being pumped or where the company is a going concern with no end in sight.