The highest volumes for yesterday went to: Zynga Inc., AMC Entertainment Holdings, Inc., Taboola.com Ltd..
A quick recap of where the last trading session ended: Markets did not have a clear cut direction — Dow Jones closed at 34,400, a 0.56% change. Nasdaq closed at 11,482 after a flat day.
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 bearish run has lasted 8 days so far (-12 cents). more of the same from yesterday's session: during yesterday's session, Zynga toiled and struggled for upward momentum before closing at $8.18. By the close, the the mobile game developer suffered a 17 cents or 2.04% loss.
AMC Entertainment | 323% higher than rolling average AMC Entertainment levels up 13% in yesterday's session; traders eye opening bell in 38 minutes time
With 95.93 million shares traded yesterday, AMC Entertainment beat its daily average by 323% to cap off a frenetic trading day. After finishing Wednesday at $7.23, the theatrical exhibition business went up by 13% yesterday and remained at the $8.17 level.
Having set a significant high of $32.35 23 days ago, the theatre company is trading 39.31% lower. So far in 2022, it has been under-performing the Nasdaq by 33.81%. AMC Entertainment has a market cap of $4.19 billion with an average daily trading volume of 29.67 million shares. $753.3 million was AMC Entertainment's last reported revenue with -20 cents being the current EPS.
Taboola | 168% above rolling average Taboola drops to $2.86 (-2.72%) in pre-market following a session that continued its recent uptrend
Yesterday's trading volume peaked at 8.88 million shares, thereby blitzing the daily average of 5.28 million by 168%. Taboola continues a 3 day uptrend, gaining a total of 19.03%. yesterday's session pointed in the same direction — bullish sentiment helped the leading discovery and native advertising platform to hammer out a noteworthy $2.72 to $3.02 range yesterday, and finally closing at $2.94 to end the session.
Having set a significant high of $8.06 24 days ago, the public advertising company is trading 73.75% lower. The company's market cap is $727.20 million with an average daily volume of 5.28 million shares. Taboola is forecasted to generate revenues of $322 million and EPS of -8 cents.
— Average trading volume refers to a 21-day rolling average.