A busy day for Zynga Inc., AMC Entertainment Holdings, Inc., Taboola.com Ltd., being the prominent communication services stocks displaying higher volumes than usual.
Today's session summary: Markets did not have a clear cut direction — Dow Jones was down 0.56% before closing the session at 34,400. 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 today, several communication services stocks were actively traded. Here's an update:
Zynga | 600% higher than rolling average Zynga sheds 2.04% within $8.14 to $8.43 daily range
With 227.57 million shares traded today, Zynga Inc. beat its daily average by 600% to cap off a frenetic trading day. Over the last 8 days, Zynga has fallen 3.42%. today's session continued down the same path: during today'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 high of $9.27 11 months ago, the mobile game developer is trading 44.71% lower. So far in 2022, it has been outperforming the Nasdaq by 62.5%. With an average daily volume of 37.88 million shares. Zynga last reported revenue of $694.9 million with an EPS of 9.19 cents.
AMC Entertainment | 364% higher than rolling average Solid session for AMC Entertainment generates 13% gain today
Trading volume peaked at 95.93 million shares today, thereby obliterating the daily average of 26.33 million by 364%. The theatrical exhibition business closed yesterday at $7.23. today, it gained 13% and remained around $8.17.
Taboola | 181% above rolling average Taboola appreciates 5.76% with $3.02 as the high of the day
With 8.85 million shares traded today, Taboola beat its daily average by 181% to cap off a frenetic trading day. Pronounced bullish sentiment in the market helped the leading discovery and native advertising platform to make a notable 5.76% gain today, rising 16 cents and ultimately closing at $2.94.
23 days ago, the public advertising company fell to a low of $1.6 but has since recovered 73.75%. Taboola's market cap currently stands at $727.20 million with an average daily trading volume of 4.89 million shares. Taboola has a forecast of $322 million with an EPS of -8 cents.
— Average trading volume refers to a 21-day rolling average.