Similarweb Ltd., Roblox Corporation, Charter and others reached higher-than-usual trading volumes.
A quick recap of where the last trading session ended: Leading equity indices in the US declined as Dow Jones shed 2.25% and closed at 33,200. S&P 500 was down 2.49% before closing the session at 3,895.75.
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.
Similarweb | 148% higher than rolling average
Similarweb Ltd. outpaced its average daily trading volume (200,285) with 295,494 shares traded yesterday.
Having set a significant high of $18.36 23 days ago, the web traffic analytics specialist is trading 33.77% lower. Similarweb has lost 7.73% over the last 3 days.
Roblox | 300% higher than rolling average
So far this year, the innovative game platform has declined 68.15% while touching highs around $105 earlier this year. The company's market cap is $15.34 billion with an average daily volume of 13.33 million shares.
With 39.95 million shares traded yesterday, Roblox beat its daily average by 300% to cap off a frenetic trading day.
Charter | 213% above rolling average
Charter outpaced its average daily trading volume (1.46 million) with 3.11 million shares traded yesterday.
The current year has not been the best for the mass media and telecommunications company as it lost 50.44% from its highest point of $657.23. Over the last 3 days, Charter has fallen 20.18%.
— Average trading volume refers to a 21-day rolling average.