Bilibili Inc., Airbnb, Inc., Tencent Music Entertainment Group and others reached higher-than-usual trading volumes.
Yesterday's session summary: Leading equity indices in the US declined as Nasdaq lost 0.51% and ended the session at 10,959. S&P 500 slipped 0.19% and closed at 3,934.
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 | 155% above rolling average Bullish mood lifts Bilibili to session high of $22.48
With 22.97 million shares traded yesterday, Bilibili Inc. beat its daily average by 155% to cap off a frenetic trading day. Bilibili has posted further gains as part of an 8 day trend that has already seen the stock gain $8.23. yesterday's session pointed in the same direction — an influx of buyers helped the iconic Chinese brand to end the session higher around $21.72, while establishing a $19.56 to $22.48 session range yesterday.
Having set a significant high of $61.16 a month ago, the iconic Chinese brand is trading 130.49% lower. So far in 2022, it has been doing worse than the Nasdaq by 8.19%. Bilibili's market cap currently stands at $8.32 billion with an average daily trading volume of 14.79 million shares. Bilibili has a forecast of $5 billion with an EPS of -77 cents.
Airbnb | 217% above rolling average Airbnb bounced $4.62 from 4 months low and closed at $91.5
Airbnb outpaced its average daily trading volume (5.47 million) with 11.86 million shares traded yesterday. Airbnb's bearish run has lasted 5 days so far (-$9). yesterday's session continued the recent downtrend: early in yesterday's session, Airbnb dropped to $86.88 from $93.12 at the end of Tuesday, before closing at $91.5. During the session, it lost 1.74%.
Tencent | 140% higher than rolling average Tencent dropped by 3.67% and closed the session at $7.34
Tencent outpaced its average daily trading volume (14.64 million) with 20.54 million shares traded yesterday. After ending Tuesday at $7.62, Tencent declined to $6.94 yesterday before closing at $7.34, thereby losing 3.67% in total.
The past 3 months have been positive for the music stream service as it added 51.49% compared to its 3-month low of $3.12. The Nasdaq has been doing worse in 2022, it has been passing it by 51.12%. Tencent is currently trading with a market cap of $12.44 billion with an average daily volume of 14.64 million shares. Tencent expected revenue of $6.21 billion with an EPS of 8 cents.
— Average trading volume refers to a 21-day rolling average.