Zynga Inc., Similarweb Ltd., Telefônica Brasil S.A. and others reached higher-than-usual trading volumes.
A quick recap of where the last trading session ended: Leading equity indices in the US declined as Dow Jones was down 1.45% before closing the session at 33,849. After dropping 1.54%, S&P 500 closed at 3,964.
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 today, some communication services stocks reached high volumes. Here is an update.
Zynga | 600% above rolling average Bearish Zynga declines 17 cents (2.04%)
Today's trading volume peaked at 227.57 million shares, thereby blitzing the daily average of 37.88 million by 600%. Zynga's downtrend has seen it decline 3.42% in 8 days today's session continued the recent downtrend: during today'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 67.05%. 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.
Similarweb | 185% above rolling average Similarweb closes at $4.95 after gaining 6%
Similarweb outpaced its average daily trading volume (172,170) with 318,657 shares traded today. Pronounced bullish sentiment in the market helped the US web analytics company to make a notable 6% gain today, rising 28 cents and ultimately closing at $4.95.
The US web analytics company reached a significant high of $18.36 around 11 months ago but has lost 74.56% since then. The company has a market cap of $376.31 million with an average daily trading volume of 172,170 shares. Similarweb expected revenue of $49.14 million with an EPS of -27 cents.
Telefonica | 176% above rolling average Risk-off mood drags Telefonica 1.79% lower
With 4 million shares traded today, Telefonica beat its daily average by 176% to cap off a frenetic trading day. Telefonica's bearish run has lasted 10 days so far (-48 cents). today's session continued down the same path: early in today's session, Telefonica dropped to $7.09 from $7.26 at the end of Friday, before closing at $7.13. During the session, it lost 1.79%.
The Brazilian telecoms group has shed 33.33% over the past six months. So far in 2022, it has been outperforming the Nasdaq by 29.56%. Telefonica has a market cap of $11.88 billion with an average daily volume of 2.32 million shares. Telefonica has a forecast of $2.16 billion with an EPS of 8 cents.
— Average trading volume refers to a 21-day rolling average.