Take a look at the following communication services stocks: Zynga Inc., Just Eat Takeaway.com N.V., Snap Inc. and others showed higher volumes than usual.
A recap of today's session: Markets closed higher today, as S&P 500 ended the session at 3,859 after a 1.63% gain. Nasdaq gained 2.25% and closed at 11,200.
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 today with some communication services stocks recording abnormally high trading volumes. Here's a recap:
Zynga | 600% above rolling average Risk-off sentiment pushes Zynga to 2.04% loss today
Trading volume peaked at 227.57 million shares today, thereby obliterating the daily average of 37.88 million by 600%. Zynga's bearish run has lasted 8 days so far (-12 cents). 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 Zynga suffered a 17 cents or 2.04% loss.
Zynga hit a significant low of $5.77 around 10 months ago, but has since recovered 44.71%. So far in 2022 it has been beating the Nasdaq by 69%. The company has a market cap of $9.16 billion 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.
Takeaway.com | 1,883% higher than rolling average Takeaway.com remains on-trend despite dull session
Today's trading volume peaked at 9.44 million shares, thereby blitzing the daily average of 501,577 by 1,883%. While Takeaway.com is on a 3 day bullish trend, today's session put the brakes on the ongoing uptrend — Takeaway.com closed a flat day of trading at $6.72 today after ending yesterday at $6.72.
Takeaway.com has shed $11.46 points and is languishing 63.05% lower over the past year, leaving its yearly highs around $15.47 in the rear-view mirror. So far in 2022, it has been doing worse than the Nasdaq by 7.39%. The company's market cap is $7.39 billion with an average daily volume of 501,577 shares. Takeaway.com has a forecast of $624.83 million with an EPS of -10.28 cents.
Snap | 281% above rolling average Snap climbed by 15.52% today, its largest move in 4 months, drops in after-hours trading
Snap outpaced its average daily trading volume (49.46 million) with 138.74 million shares traded today. Snap went up to $9.6, gaining 15.52%.
Having set a significant high of $55.53 4 days ago, Snap is trading 7.09% lower. So far in 2022, it has been under-performing the Nasdaq by 37.6%. The company's market cap is $15.49 billion with an average daily volume of 49.46 million shares.
— Average trading volume refers to a 21-day rolling average.