Volume of ~4.4m is not large in the context of the market cap,...

Volume of ~4.4m is not large in the context of the market cap, but quite significant relative to historical volume (excluding the large institutional trades).

What is strange is that the trades are relatively small (under 70k and $25k) so are these just a bunch of retail getting off the train or is there institution trying to offload (rather poorly given the impact to the price).

MDR will have a pretty decent 1Q25 based on historical performance (1Q23 & 1Q24 were their 2nd strongest quarters each year), so we should get a pretty decent snapshot of how they are travelling in Oct