The highest volumes for yesterday went to: Nexstar Media Group, Inc., Zynga Inc., NeoGames S.A..
Here's an update with information from the last trading session: Leading equity indices in the US rose as S&P 500 closed the day at 4,080, having gained 3.09%. Nasdaq gained 4.41% and closed at 11,468.
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:
Nexstar Media | 1,225% higher than rolling average Nexstar Media levels up 1.04% in yesterday's session; traders eye opening bell in 10 hours time
Nexstar Media Group, Inc. outpaced its average daily trading volume (597,994) with 7.33 million shares traded yesterday. Having gone up $28.67 over the past 14 days, yesterday continued on the same track for Nexstar Media — after dipping down to $183.51, Nexstar Media regained earlier losses and closed at $189.56.
Zynga | 600% higher than rolling average Bearish Zynga declines 17 cents (2.04%)
With 227.57 million shares traded yesterday, Zynga beat its daily average by 600% to cap off a frenetic trading day. Zynga's bearish run has lasted 8 days so far (-12 cents). yesterday's session continued the recent downtrend: 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.
Zynga hit a significant low of $5.77 around 11 months ago, but has since recovered 44.71%. So far in 2022, it has been outperforming the Nasdaq by 64.18%. 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.
NeoGames | 440% higher than rolling average NeoGames levels up 3.52% in yesterday's session; traders eye opening bell in 10 hours time
With 645,720 shares traded yesterday, NeoGames beat its daily average by 440% to cap off a frenetic trading day. While NeoGames was in the midst of a 9 day downtrend— in which it lost a total of 24.29%— yesterday may indicate a change of direction; pronounced bullish sentiment in the market helped the state lottery operator to make a notable 3.52% gain yesterday, rising 47 cents and ultimately closing at $13.81.
— Average trading volume refers to a 21-day rolling average.