Charter, Liberty Broadband Corporation, iQIYI, Inc. had the highest volumes yesterday.
Yesterday's session summary: Leading equity indices in the US declined as after dropping 0.61%, S&P 500 closed at 3,995.32. Nasdaq slipped 0.76% and closed at 11,171.
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.
Charter | 419% higher than rolling average A bad day for Charter yesterday, losing 16.38%
With 5.64 million shares traded yesterday, Charter beat its daily average by 419% to cap off a frenetic trading day. After ending Tuesday at $392.68, Charter dropped to $326.64 early in yesterday's session and closed at $328.34. In total, it lost 16.38%.
Having set a significant high of $657.23 2 months ago, the telecommunications and mass media company is trading 29.45% lower. So far in 2022, it has been under-performing the Nasdaq by 3.43%. The company has a market cap of $51.11 billion with an average daily trading volume of 1.35 million shares. Charter has a forecast of $13.67 billion with an EPS of $8.23.
Liberty Broadband A | 320% higher than rolling average Liberty Broadband A suffers largest single-day drop since Jul 28
Liberty Broadband an outpaced its average daily trading volume (214,089) with 684,071 shares traded yesterday. Early in yesterday's session, Liberty Broadband A dropped to $76.08 from $90.2 at the end of Tuesday, before closing at $76.35. During the session, it lost 15.35%.
IQIYI | 161% higher than rolling average Risk-off mood drags iQIYI 5.71% lower
Yesterday's trading volume peaked at 31.65 million shares, thereby blitzing the daily average of 19.63 million by 161%. Early in yesterday's session, iQIYI dropped to $3.42 from $3.85 at the end of Tuesday, before closing at $3.63. During the session, it lost 5.71%.
After hitting an important low of $2 approximately a month ago, the internet video streaming service has bounced back 91.54% since. So far in 2022 it has been beating the Nasdaq by 22.29%. The company's market cap is $3.13 billion with an average daily volume of 19.63 million shares. IQIYI is forecasted to generate revenues of $6.42 billion and EPS of -1 cents.
— Average trading volume refers to a 21-day rolling average.