Zynga Inc., Live Nation Entertainment Inc, Just Eat Takeaway.com N.V. and others reached higher-than-usual trading volumes.
A quick recap of where the last trading session ended: Leading equity indices in the US rose as Dow Jones ended the session at 33,746 after a 0.59% gain. S&P 500 closed the day at 3,965.34, having gained 0.48%.
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:
Zynga | 600% higher than rolling average Risk-off sentiment pushes Zynga to 2.04% loss Friday
Zynga Inc. outpaced its average daily trading volume (37.88 million) with 227.57 million shares traded Friday. Having fallen 12 cents in 8 days, Friday's session continued down the same path: during Friday's session, Zynga toiled and struggled for upward momentum before closing at $8.18. By the close, the Zynga suffered a 17 cents or 2.04% loss.
Having set a significant high of $9.27 11 months ago, Zynga is trading 44.71% lower. So far in 2022 it has been beating the Nasdaq by 66.49%. With an average daily trading volume of 37.88 million shares. Zynga last reported revenue of $694.9 million with an EPS of 9.19 cents.
Live Nation Entertainment | 509% above rolling average Friday's slide leaves Live Nation Entertainment traders hoping for a bounce
Trading volume peaked at 15.28 million shares Friday, thereby obliterating the daily average of 3 million by 509%. Live Nation Entertainment's bearish run has lasted 6 days so far (-$4.85). Friday's session continued the recent downtrend: Live Nation Entertainment has almost recovered all its losses from a previous close of $71.85 after dipping down to $65.05 Friday.
Takeaway.com | 1,883% higher than rolling average Takeaway.com rallied to $7.32 for the first time in 7 months, falls in pre-market trading
With 9.44 million shares traded Friday, Takeaway.com beat its daily average by 1,883% to cap off a frenetic trading day. Stable at $6.72 and still trending upwards, Friday's session put the brakes on the ongoing uptrend — Takeaway.com closed a flat day of trading at $6.72 Friday after ending Thursday at $6.72.
Takeaway.com has shed $10.25 points and is languishing 60.39% lower over the past year, leaving its yearly highs around $13.88 in the rear-view mirror. So far in 2022, it has been doing worse than the Nasdaq by 9.9%. With an average daily volume of 501,577 shares. Takeaway.com expected revenue of $624.83 million with an EPS of -10.28 cents.
— Average trading volume refers to a 21-day rolling average.