Cerner Corp, Abiomed, Change Healthcare Inc. and others reached higher-than-usual trading volumes.
A recap of yesterday's session: Markets had an interesting day yesterday; Nasdaq ended the session at 11,358 after a 1.45% gain. S&P 500 gained 0.87% and closed at 3,991.73.
Why Trading Volume Matters
Trading volume is simply the total number of shares traded including both buy and sell orders. If a stock has appreciated on high volume, it is more likely to be a sustained move compared to an appreciation with low volume. Typically, high volume trading sessions are considered significant occurrences and closely watched by traders.
Price action was mostly bullish yesterday with some health care stocks recording abnormally high trading volumes. Here's a recap:
Cerner | 777% higher than rolling average Following a flat day yesterday, Cerner closed at $94.92 continuing its recent flat trend
Cerner Corp outpaced its average daily trading volume (4.92 million) with 38.20 million shares traded yesterday. Following a month of flat trade, pointing in a similar direction, yesterday's session was more of the same — Cerner moves 0% to close at $94.92 yesterday.
The healthcare information technology supplier is up 35.58% from the significant low of $70 it hit 11 months ago. So far in 2022 it has been beating the Nasdaq by 42.2%. Cerner's market cap is currently $27.74 billion with an average daily trading volume of 4.92 million shares. Cerner expected revenue of $1.47 billion with an EPS of 87.15 cents.
Abiomed | 242% above rolling average Abiomed remains on-trend despite dull session
With 3.64 million shares traded yesterday, Abiomed beat its daily average by 242% to cap off a frenetic trading day. While Abiomed is on an 11 day uptrend yesterday's session put the brakes on the ongoing uptrend — Abiomed was steady yesterday maintaining a $373.52 – $375.32 range before closing at $374.2.
Having set a significant low of $224.73 5 months ago, Abiomed is trading 66.47% higher. So far in 2022, it has been outperforming the S&P 500 by 22.47%. The company has a market cap of $16.87 billion with an average daily volume of 1.50 million shares. Abiomed has a forecast of $273.53 million with an EPS of $1.04.
Change Healthcare | 215% higher than rolling average Bullish phase under threat as Change Healthcare stays range-bound
Change Healthcare outpaced its average daily trading volume (13.47 million) with 28.98 million shares traded yesterday. While Change Healthcare is on a month bullish trend, yesterday's session put the brakes on the ongoing uptrend — Change Healthcare moves 0% to close at $27.49 yesterday.
The past 3 months have been positive for Change Healthcare as it added 11.03% compared to its 3-month low of $19.1. The company has a market cap of $9 billion with an average daily trading volume of 13.47 million shares. Change Healthcare is forecasted to generate revenues of $839.65 million and EPS of 22 cents.
— Average trading volume refers to a 21-day rolling average.