Zynga Inc., Similarweb Ltd., Just Eat Takeaway.com N.V. and others reached higher-than-usual trading volumes.
Yesterday's session summary: Leading equity indices in the US declined as after dropping 0.31%, S&P 500 closed at 3,946.56. Nasdaq slipped 0.35% and closed at 11,145.
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.
Zynga | 600% above rolling average Zynga closed at $8.18 after losing 2.04% yesterday
With 227.57 million shares traded yesterday, Zynga Inc. beat its daily average by 600% to cap off a frenetic trading day. Having fallen 12 cents in 8 days, yesterday's session continued down the same path: 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.
Zynga has recovered 44.71% since descending to a significant low of $5.77 around 11 months ago. So far in 2022, it has performed better than the Nasdaq by 66.36%. 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 | 309% higher than rolling average Similarweb maintains composure within $4.55 to $5.1 range
Similarweb outpaced its average daily trading volume (140,170) with 432,825 shares traded yesterday. Without a clear direction, Similarweb closed at $4.86 while ranging between $4.55 and $5.1.
11 months ago Similarweb reached a significant high of $19.72 but has consequently lost 75.35% since then. The company has a market cap of $369 million with an average daily trading volume of 140,170 shares.
Takeaway.com | 1,883% above rolling average Takeaway.com rallied to $7.32 for the first time in 7 months, falls in pre-market trading
Yesterday's trading volume peaked at 9.44 million shares, thereby blitzing the daily average of 501,577 by 1,883%. While Takeaway.com is on a 3 day uptrend yesterday's session put the brakes on the ongoing uptrend — Takeaway.com closed a flat day of trading at $6.72 yesterday after ending Wednesday at $6.72.
Since its 52-week high of $14.25, Takeaway.com has lost 58.2% over the last twelve months. So far in 2022, it has been doing worse than the Nasdaq by 10.03%. With an average daily trading volume of 501,577 shares. Takeaway.com has a forecast of $624.83 million with an EPS of -10.28 cents.
— Average trading volume refers to a 21-day rolling average.