Cerner Corp, Change Healthcare Inc., ICON Public Limited Company and others reached higher-than-usual trading volumes.
A recap of yesterday's session: Leading equity indices in the US rose as S&P 500 gained 2.65% and closed at 3,678. Nasdaq ended the session at 10,676 after a 3.43% 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 Continuing its recent sideways trend, Cerner closed at $94.92 after a flat day yesterday
Cerner Corp outpaced its average daily trading volume (4.92 million) with 38.20 million shares traded yesterday. More of the same: on a back of a month of trading sideways, pointing in a similar direction, yesterday's session was more of the same — Cerner moves 0% to close at $94.92 yesterday.
Change Healthcare | 215% higher than rolling average Bullish phase under threat as Change Healthcare stays range-bound
Trading volume peaked at 28.98 million shares yesterday, thereby obliterating the daily average of 13.47 million by 215%. In the midst of a month bullish trend, yesterday's session put the brakes on the ongoing uptrend — Change Healthcare moves 0% to close at $27.49 yesterday.
ICON | 306% above rolling average ICON posts solid session with 5.27% gain; upside capped at $184
Trading volume peaked at 1.90 million shares yesterday, thereby obliterating the daily average of 620,543 by 306%. Pronounced bullish sentiment in the market helped ICON to make a notable 5.27% gain yesterday, rising $9.16 and ultimately closing at $183.06.
Approximately 9 months ago, ICON reached a significant high of $309.7 but has struggled to hold onto its gains and declined 43.85% since then. So far in 2022, it has performed better than the Nasdaq by 10.58%. The company has a market cap of $14.92 billion with an average daily trading volume of 620,543 shares. ICON last reported revenue of $1.94 billion with an EPS of $2.86.
— Average trading volume refers to a 21-day rolling average.