Zynga Inc., Madison Square Garden Sports Corp., Activision Blizzard had the highest volumes yesterday.
A recap of yesterday's session: Markets completed a mixed session yesterday, as Dow Jones ended the session at 34,347 after a 0.45% gain. Nasdaq closed at 11,226, a 0.52% change.
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.
While trading was mostly sideways yesterday, several communication services stocks were actively traded. Here's an update:
Zynga | 600% above rolling average Yesterday's lacklustre sentiment ensured Zynga slid 2.04%
With 227.57 million shares traded yesterday, Zynga Inc. beat its daily average by 600% to cap off a frenetic trading day. Zynga's downtrend has seen it decline 3.42% in 8 days yesterday's session continued down the same path: during yesterday's session, Zynga toiled and struggled for upward momentum before closing at $8.18. By the close, the the video game developer suffered a 17 cents or 2.04% loss.
Having set a significant low of $5.77 11 months ago, the video game developer is trading 44.71% higher. The Nasdaq has been doing worse in 2022, it has been passing it by 65.26%. With an average daily trading volume of 37.88 million shares. Zynga's last revenue report was $694.9 million with an EPS of 9.19 cents.
Madison Square Garden Sports Corp. | 162% higher than rolling average Bullish mood lifts Madison Square Garden Sports Corp. to session high of $160.65
Trading volume peaked at 271,934 shares yesterday, thereby obliterating the daily average of 167,654 by 162%. Madison Square Garden Sports Corp. displays further gains following a recent trend of 8 days and $5.83. yesterday's session pointed in the same direction — the pro sports team manager rallied 4.4% and maintained $160.51.
Blizzard | 152% higher than rolling average Blizzard closed at $73.47 after suffering its largest single-day drop of $3.12 since Jan 6
With 9.17 million shares traded yesterday, Blizzard beat its daily average by 152% to cap off a frenetic trading day. Early in yesterday's session, Blizzard dropped to $73.05 from $76.59 at the end of Wednesday, before closing at $73.47. During the session, it lost 4.07%.
— Average trading volume refers to a 21-day rolling average.