Live Nation Entertainment Inc, Bilibili Inc., iQIYI, Inc. had the highest volumes yesterday.
A quick recap of where the last trading session ended: Leading equity indices in the US declined as S&P 500 slipped 1.79% and closed at 3,999. After dropping 1.4%, Dow Jones closed at 33,947.
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.
Live Nation Entertainment | 203% above rolling average Live Nation Entertainment remains on-trend despite dull session
Live Nation Entertainment Inc outpaced its average daily trading volume (3.65 million) with 7.40 million shares traded yesterday. While Live Nation Entertainment is on an 11 day bullish trend, yesterday's session put the brakes on the ongoing uptrend — pronounced bearish sentiment in the market pushed the global entertainment company into a notable 0.05% slide yesterday, falling 4 cents and ultimately closing at $73.88.
The global entertainment company is now trading 11.64% above the significant low ($66.21) it slumped to 18 days ago. So far in 2022, it has been doing worse than the S&P by 19.41%. The company has a market cap of $17 billion with an average daily trading volume of 3.65 million shares. $6.15 billion was Live Nation Entertainment's last reported revenue with $1.39 being the current EPS.
Bilibili | 208% above rolling average Is the bullish run coming to an end? Bilibili closed at $19.69 (-0.76%)
Bilibili outpaced its average daily trading volume (14.62 million) with 30.35 million shares traded yesterday. Though in the midst of a 7 day uptrend, gaining a total of 59.69%, ($7.51), yesterday's session suggests run might be coming to an end — grinding lower but with no clear-cut direction, the iconic Chinese brand closed the session at $19.69 after forming a distinct $19.36 – $23 range.
Bilibili hit a significant low of $8.92 around a month ago, but has since recovered 122.42%. So far in 2022, it has been under-performing the Nasdaq by 15.39%. The company's market cap is $7.54 billion with an average daily volume of 14.62 million shares. Bilibili is forecasted to generate revenues of $5 billion and EPS of -77 cents.
IQIYI | 194% higher than rolling average Yesterday's slide leaves iQIYI traders hoping for a bounce
Trading volume peaked at 33.84 million shares yesterday, thereby obliterating the daily average of 17.41 million by 194%. Grinding lower but with no clear-cut direction, the internet video streaming service closed the session at $3.15 after forming a distinct $3.12 – $3.95 range.
Having set a significant high of $5.58 a month ago, China's leading online entertainment service is trading 66.17% lower. The Nasdaq has been doing worse in 2022, it has been passing it by 10.68%. IQIYI has a market cap of $2.71 billion with an average daily trading volume of 17.41 million shares. IQIYI has a forecast of $6.42 billion with an EPS of -1 cents.
— Average trading volume refers to a 21-day rolling average.