The highest volumes for yesterday went to: SL Green Realty Corp., CubeSmart, The Howard Hughes Corporation.
Here's an update with information from the last trading session: Leading equity indices in the US declined as S&P 500 was down 1.44% before closing the session at 3,941.26. After dropping 2%, Nasdaq closed at 11,000.
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 real estate stocks reached high volumes. Here is an update.
SL Green | 346% higher than rolling average Risk-off mood drags SL Green 6.57% lower
Yesterday's trading volume peaked at 3.89 million shares, thereby blitzing the daily average of 1.13 million by 346%. Over the last 5 days, SL Green has fallen 15.25%. yesterday's session continued the recent downtrend: early in yesterday's session, SL Green dropped to $35.28 from $38.06 at the end of Monday, before closing at $35.56. During the session, it lost 6.57%.
Having set a significant high of $83.92 a day ago, the real estate investment trust is trading 7.03% lower. SL Green is currently trading with a market cap of $2.29 billion with an average daily trading volume of 1.13 million shares. SL Green has a forecast of $148.98 million with an EPS of 9.44 cents.
CubeSmart | 184% above rolling average CubeSmart traders look to claw back yesterday's 1.25% decline to maintain ongoing trend
Trading volume peaked at 2.68 million shares yesterday, thereby obliterating the daily average of 1.45 million by 184%. Though in the midst of a 7 day uptrend, gaining a total of 7.48%, ($3.44), yesterday's session suggests run might be coming to an end — an influx of sellers pushed the self-managed real estate company to session lows around $41.67 while establishing a $41.67 to $42.69 session range yesterday.
CubeSmart hit a significant low of $37.24 around a month ago, but has since recovered 13.72%. So far in 2022, it has been outperforming the Nasdaq by 19.37%. The company has a market cap of $9.39 billion with an average daily volume of 1.45 million shares. CubeSmart expected revenue of $257.33 million with an EPS of 28 cents.
The Howard Hughes Corporation | 132% slightly above rolling average The Howard Hughes Corporation breaks a 3 day downtrend, moves up to $73.17
With 503,840 shares traded yesterday, The Howard Hughes Corporation beat its daily average by 132% to cap off a frenetic trading day. While The Howard Hughes Corporation was in the midst of a 3 day downtrend— in which it lost a total of 3.12%— yesterday may indicate a change of direction; generally flat but with a slight bullish bias, The Howard Hughes Corporation ranged between $72.35 and $73.41 before closing higher at $73.17.
Having set a significant high of $104.9 a month ago, the US-based mixed-use real estate company is trading 35.95% lower. The company's market cap is $3.65 billion with an average daily trading volume of 381,313 shares. $639.55 million was The Howard Hughes Corporation's last reported revenue with $2.19 being the current EPS.
— Average trading volume refers to a 21-day rolling average.