The highest volumes for yesterday went to: Zynga Inc., Altice USA, Inc., Liberty Broadband Corporation.
A recap of yesterday's session: Markets closed higher yesterday, as Nasdaq closed the day at 11,300, having gained 0.99%. S&P 500 ended the session at 4,027.26 after a 0.59% 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 yesterday with some communication services stocks recording abnormally high trading volumes. Here's a recap:
Zynga | 600% higher than rolling average Zynga sheds 2.04% within $8.14 to $8.43 daily range
With 227.57 million shares traded yesterday, Zynga Inc. beat its daily average by 600% to cap off a frenetic trading day. Zynga's downtrend has seen it decline 3.42% in 8 days 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 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. The Nasdaq has been doing worse in 2022, it has been passing it by 65.14%. With an average daily trading volume of 37.88 million shares. $694.9 million was Zynga's last reported revenue with 9.19 cents being the current EPS.
Altice USA | 189% higher than rolling average Altice USA bulls in charge as markets close for Thanksgiving
Altice USA outpaced its average daily trading volume (7 million) with 13.38 million shares traded yesterday. Having gone up 26 cents over the past 3 days, it was more of the same for Altice USA yesterday — Altice USA rallied 6.33% and ended the session at $4.7.
Having set a significant high of $17.05 3 days ago, the US cable television provider is trading 6.25% lower. So far in 2022, it has been under-performing the Nasdaq by 32.72%. The company has a market cap of $2.14 billion with an average daily volume of 7 million shares. Altice USA's last revenue report was $2.39 billion with an EPS of 19 cents.
Liberty Broadband A | 204% higher than rolling average Full steam ahead for Liberty Broadband A (+0.46%) as a 3 day uptrend continues
Liberty Broadband an outpaced its average daily trading volume (239,383) with 489,006 shares traded yesterday. 3 days and $4.03 of gains are not enough for Liberty Broadband A. Liberty Broadband A stayed on track yesterday: having ended a bullish session yesterday at $89.47, momentum helped Liberty Broadband A finish the day 41 cents or 0.46% higher, although mixed sentiments ensured the US cable operator etched out a distinct $88.68 to $90.38 session range.
— Average trading volume refers to a 21-day rolling average.