Take a look at the following communication services stocks: BCE Inc., Pinterest, Inc., Orange S.A. and others showed higher volumes than usual.
Yesterday's session summary: Markets were up yesterday; Nasdaq gained 1% and closed at 11,257. S&P 500 ended the session at 4,019.65 after a 0.73% 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:
BCE | 377% above rolling average BCE gains 0.39% within $46.48 to $47.16 daily range
With 4.27 million shares traded yesterday, BCE Inc. beat its daily average by 377% to cap off a frenetic trading day. BCE is in the midst of a 9 day downtrend. yesterday may indicate a change of direction; bullish sentiment helped the Canadian telecoms provider to hammer out a noteworthy $46.48 to $47.16 range yesterday, and finally closing at $46.54 to end the session.
Having set a significant low of $40.77 2 months ago, the Canadian telecoms provider is trading 13.71% higher. So far in 2022, it has been outperforming the Nasdaq by 30.32%. The company has a market cap of $42.44 billion with an average daily volume of 1.13 million shares. BCE is forecasted to generate revenues of $4.42 billion and EPS of 64 cents.
Pinterest | 362% above rolling average Pinterest posts solid session with 11.9% gain; upside capped at $26.79
Yesterday's trading volume peaked at 37.71 million shares, thereby blitzing the daily average of 10.43 million by 362%. Pinterest has posted further gains as part of a 3 day trend that has already seen the stock gain 99 cents. yesterday's session pointed in the same direction — the image sharing platform rose as high as $26.79 before giving up its gains and dropping back to $26.42 before the close on yesterday.
The social media service has appreciated 63.84% over the past six months. So far in 2022 it has been beating the Nasdaq by 11.33%. Pinterest's market cap is currently $15.52 billion with an average daily trading volume of 10.43 million shares. Pinterest last reported revenue of $684.55 million with an EPS of 11 cents.
Orange | 307% higher than rolling average Orange breaks a 12 day downtrend, increases to $9.82
With 2.15 million shares traded yesterday, Orange beat its daily average by 307% to cap off a frenetic trading day. During a 12 day fall, dropping a total of 4.47%, (49 cents), a possible reversal detected from yesterday; hesitant but grinding higher: Orange closed at $9.82 after ranging between $9.74 and $9.94.
— Average trading volume refers to a 21-day rolling average.