Bilibili Inc., Paramount Global, Skillz Inc. and others reached higher-than-usual trading volumes.
A recap of yesterday's session: Leading equity indices in the US declined as S&P 500 was down 1.44% before closing the session at 3,941.26. Nasdaq slipped 2% and closed at 11,000.
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 reached high volumes. Here is an update.
Bilibili | 174% above rolling average An interesting day: Bilibili jumps to the $20 level
Yesterday's trading volume peaked at 25.48 million shares, thereby blitzing the daily average of 14.63 million by 174%. Bilibili has posted further gains as part of a 7 day trend that has already seen the stock gain $7.36. yesterday's session pointed in the same direction — after ending Monday's session at $19.69, Bilibili went up to $21.9 yesterday only to fall back and close at $20.56.
Having set a significant high of $61.16 a month ago, the Chinese video community enabler is trading 120.74% lower. So far in 2022, it has been under-performing the Nasdaq by 12.78%. The company's market cap is $7.87 billion with an average daily volume of 14.63 million shares. Bilibili expected revenue of $5 billion with an EPS of -77 cents.
Paramount | 155% above rolling average Paramount sheds 6.97% within $17.6 to $19.76 daily range
With 21 million shares traded yesterday, Paramount beat its daily average by 155% to cap off a frenetic trading day. Early in yesterday's session, Paramount dropped to $17.6 from $19.51 at the end of Monday, before closing at $18.15. During the session, it lost 6.97%.
Having set a significant low of $15.53 28 days ago, the US mass media and entertainment conglomerate is trading 25.63% higher. So far in 2022 it has been beating the Nasdaq by 3.37%. The company has a market cap of $11 billion with an average daily trading volume of 13.60 million shares. Paramount last reported revenue of $6.92 billion with an EPS of 39 cents.
Skillz | 145% higher than rolling average Yesterday's lacklustre sentiment ensured Skillz slid 6.46%
Trading volume peaked at 15 million shares yesterday, thereby obliterating the daily average of 10.38 million by 145%. Skillz's bearish run has lasted 3 days so far (-5.87 cents). yesterday's session continued down the same path: after ending Monday at 95.13 cents, Skillz dropped to 88.16 cents early in yesterday's session and closed at 88.98 cents. In total, it lost 6.46%.
The online mobile multiplayer platform is now trading 90.39% below the significant high of $9.9 it set around 11 months ago. Skillz's market cap is currently $312.84 million with an average daily trading volume of 10.38 million shares. Skillz's last revenue report was $60,255 with an EPS of -10 cents.
— Average trading volume refers to a 21-day rolling average.