A busy day for NeoGames S.A., Netflix, Sea Limited American, being the prominent communication services stocks displaying higher volumes than usual.
Here's an update with information from the last trading session: Leading equity indices in the US rose as S&P 500 gained 1.89% and closed at 3,972.61. Nasdaq ended the session at 11,140 after a 2.66% 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 Friday with some communication services stocks recording abnormally high trading volumes. Here's a recap:
NeoGames | 386% higher than rolling average
The state lottery operator has shed 26.06% over the past three months. The company's market cap currently stands at $314.54 million with an average daily volume of 127,598 shares.
Trading volume was 492,262 shares Friday — beating the daily average by a mammoth 386%.
Netflix | 300% above rolling average
The streaming company closed at $342.5 after it made its largest daily jump of $26.72 (8.46%) since November 2022. After closing Thursday at $315.78, Netflix closed at $342.5 Friday after climbing to $343.2 and dropping back down.
Friday's trading volume was 28.43 million shares (surpassing the daily average by 300%).
Sea Ltd | 254% higher than rolling average
With 11.63 million shares traded Friday, Sea Ltd beat its daily average by 254% to cap off a frenetic trading day.
The Singaporean internet company has managed to gain 26.59% so far this year despite trading at lows around $40.92 previously. Sea Ltd has posted further gains as part of a 9 day trend that has already seen the stock gain $8.28.
— Average trading volume refers to a 21-day rolling average.