Traders are flocking around Zynga Inc., Bilibili Inc., Nexstar Media Group, Inc. and others; check out these communication services stocks that are displaying higher than typical trading volumes.
A short overview of the current market situation: The leading indices are dropping — Nasdaq trades at 11,000 after losing 0.58%. S&P 500 drawing back 0.35% to 3,950.
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.
Though trading was down yesterday, some communication services stocks are currently at high volumes. Here is an update.
600% higher than average: Zynga currently down 2.04% prior to afternoon session
Zynga Inc. is having an eventful day so far, currently at 227.57 million and outpacing its average daily volume by 600%. While on an 8 day downtrend, dropping a total of 3.42%, similar trend today: Zynga is down to $8.18, after ending yesterday at $8.35. Overall, a 2.04% loss or 17 cents today.
The video game developer has recovered 44.71% since descending to a significant low of $5.77 around 11 months ago. The Nasdaq has been doing worse in 2022, it has been passing it by 67.73%. 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.
Blitzed the average daily volume by 261%: Bilibili gains 22.15% ahead of the quarterly earnings report set for today
A hectic day for Bilibili, surpassing its average daily volume by 261% to reach 28.39 million. After closing yesterday at $12.59, the iconic Chinese brand went up to $15.73 only to drop back some of the way, and is now trading at $15.38.
Bilibili has shed $54.98 points and is languishing 81.37% lower over the past year, leaving its yearly highs around $67.57 in the rear-view mirror. So far in 2022, it has been under-performing the Nasdaq by 28.35%. Bilibili's market cap currently stands at $5.89 billion with an average daily trading volume of 10.88 million shares.
Bilibili is scheduled to announce earnings results today. The consensus Earnings Per Share estimate is -0.77 and the consensus revenue estimate is $4.99 billion.
1.25 million traded volume exceeded the daily average by 240%: Nexstar Media soars to $187.06 up 7.12%
A blockbuster trading session for Nexstar Media, eclipsing its average daily volume by 240% and recording 1.25 million. Nexstar Media displays further gains following a recent trend of 13 days and $15.69. today's session so far looks to be heading in the same direction — after closing yesterday at $174.63, America's largest local TV and media company went up to $188.48 only to drop back some of the way, and is now trading at $187.06.
Approximately 3 months ago, the US media company reached a significant high of $202.16 but has struggled to hold onto its gains and declined 13.62% since then. The company has a market cap of $7 billion with an average daily volume of 518,322 shares. Nexstar Media's last revenue report was $1.27 billion with an EPS of $7.3.
— Average trading volume refers to a 21-day rolling average.