Shaw Communications Inc., Similarweb Ltd., iQIYI, Inc. led the pack during yesterday's heightened trading volumes.
Here's an update with information from the last trading session: Leading equity indices in the US declined as Nasdaq slipped 0.76% and closed at 10,400. S&P 500 was down 0.4% before closing the session at 3,824.
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.
Shaw Communications | 331% above rolling average
Shaw Communications Inc. outpaced its average daily trading volume (1.28 million) with 4.25 million shares traded yesterday.
The Canadian ISP has recovered 19.97% since descending to a significant low of $24 around 2 months ago. The stock has been trending positively for about 2 months.
Shaw Communications discloses 7.67 cents per share dividend to be paid on Thursday, December 29th
Shaw Communications is scheduled to announce earnings results Wednesday. The consensus EPS estimate is 0.27 and the consensus revenue estimate is $1 billion.
Similarweb | 151% higher than rolling average
Yesterday's trading volume was 270,986 shares (surpassing the daily average by 151%).
After hitting an important low of $4.53 approximately a month ago, the web traffic analytics specialist has bounced back 41.94% since. Stable at $6.44 and still trending upwards,
IQIYI | 138% above rolling average
IQIYI is up 58 cents to $5.88, building upon four consecutive days of gains. A day ago China's leading online entertainment service reached a significant high of $5.88 but has consequently lost 9.86% since then. The stock has been trending positively for about a month. IQIYI is currently trading with a market cap of $5 billion with an average daily volume of 20.72 million shares.
Trading volume peaked at 28.62 million shares yesterday, thereby obliterating the daily average of 20.72 million by 138%.
— Average trading volume refers to a 21-day rolling average.