Zynga Inc., Taboola.com Ltd., News Corporation and others reached higher-than-usual trading volumes.
Yesterday's session summary: Markets were up yesterday; S&P 500 gained 2.65% and closed at 3,678. Nasdaq ended the session at 10,676 after a 3.43% 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 dropped by 2.04% and closed the session at $8.18
Trading volume peaked at 227.57 million shares yesterday, thereby obliterating the daily average of 37.88 million by 600%. Zynga's bearish run has lasted 8 days so far (-12 cents). 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 Zynga suffered a 17 cents or 2.04% loss.
Having set a significant high of $9.27 10 months ago, Zynga is trading 44.71% lower. The Nasdaq has been doing worse in 2022, it has been passing it by 74.4%. The company has a market cap of $9.16 billion with an average daily volume of 37.88 million shares. $694.9 million was Zynga's last reported revenue with 9.19 cents being the current EPS.
Taboola | 483% higher than rolling average Risk-on sentiment allowed Taboola to post 2.41% gain yesterday
With 5.33 million shares traded yesterday, Taboola beat its daily average by 483% to cap off a frenetic trading day. While in the midst of a 10 day downtrend, losing a total of 10.53% (24 cents), yesterday may indicate a change of direction; after ending Friday at $1.66, Taboola went up to $1.71 only to drop back, yet still traded well overall and closed at $1.7 yesterday.
11 months ago Taboola reached a significant high of $9.93 but has consequently lost 83.28% since then. Taboola's market cap is currently $409.16 million with an average daily trading volume of 1.10 million shares. Taboola's last revenue report was $342.7 million with an EPS of -2 cents.
News Corp | 443% above rolling average News Corp gains 2.51%; sets session high of $17.18
News Corp outpaced its average daily trading volume (774,246) with 3.43 million shares traded yesterday. News Corp went up to $16.36, gaining 2.51%.
After hitting an important low of $15.27 approximately 21 days ago, News Corp has bounced back 4.52% since. So far in 2022, it has been outperforming the S&P 500 by 2.22%. News Corp has a market cap of $9.32 billion with an average daily trading volume of 774,246 shares. News Corp last reported revenue of $2.67 billion with an EPS of 37 cents.
— Average trading volume refers to a 21-day rolling average.