Cerner Corp, Change Healthcare Inc., Canopy Growth Corporation and others reached higher-than-usual trading volumes.
Here's an update with information from the last trading session: Markets had an interesting day yesterday; S&P 500 closed the day at 3,859, having gained 1.63%. Nasdaq ended the session at 11,200 after a 2.25% gain.
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% above rolling average Following a flat day yesterday, Cerner closed at $94.92 continuing its recent flat trend
With 38.20 million shares traded yesterday, Cerner Corp beat its daily average by 777% to cap off a frenetic trading day. 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.
Having set a significant high of $94.97 11 months ago, the supplier of healthcare information technology is trading 35.81% lower. So far in 2022, it has performed better than the Nasdaq by 44.55%. The company has a market cap of $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.
Change Healthcare | 215% higher than rolling average Change Healthcare remains on-trend despite dull session
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 uptrend yesterday's session put the brakes on the ongoing uptrend — Change Healthcare moves 0% to close at $27.49 yesterday.
Change Healthcare now trading 13.13% above its 3-month low of $19.1. The company has a market cap of $9 billion with an average daily volume of 13.47 million shares. Change Healthcare's last revenue report was $884.47 million with an EPS of 38 cents.
Canopy Growth | 281% above rolling average Solid session for Canopy Growth generates 27.07% gain yesterday
Yesterday's trading volume peaked at 41.63 million shares, thereby blitzing the daily average of 14.80 million by 281%. Having closed Monday at $2.29, bullish sentiment helped Canopy Growth to reach highs around $3.02 before paring gains and ending yesterday at $2.91.
Canopy Growth is now trading 85% below the significant high of $15.27 it set around 11 months ago. So far in 2022, it has been under-performing the Nasdaq by 31.31%. The company's market cap is $1.41 billion with an average daily volume of 14.80 million shares. $85.65 million was Canopy Growth's last reported revenue with $-4.07 being the current EPS.
— Average trading volume refers to a 21-day rolling average.