PLAYSTUDIOS, Inc., Nexstar Media Group, Inc., DISH Network Corp led the pack during Friday's heightened trading volumes.
A quick recap of where the last trading session ended: Leading equity indices in the US declined as S&P 500 closed at 3,861.59, a 1.45% change. Nasdaq slipped 1.76% and closed at 11,139.
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 Friday, some communication_services stocks reached high volumes. Here is an update.
Playstudios | 567% higher than rolling average
PLAYSTUDIOS, Inc. ended Thursday's session at $3.47. Friday started with an increase to $4.34, but dropped back and closed at $3.97.
Playstudios had a compelling day Friday, with 1.26 million shares traded helping the company surpass its average daily volume by 567%.
Nexstar Media | 208% higher than rolling average
A 17 day downtrend is ongoing for Nexstar Media. A possible reversal detected from Friday; Nexstar Media ended Thursday at $162.51. Friday it went up to $168.04 only to drop back, yet still managed to close at $165.7.
With 904,040 shares traded Friday, Nexstar Media beat its daily average by 208% to cap off a frenetic trading day.
Dish Network | 135% above rolling average
The direct-broadcast satellite provider is now trading 7.22% above the significant low ($10.53) it slumped to 3 days ago. On a negative trend for around a month. Dish Network's market cap currently stands at $5.59 billion with an average daily trading volume of 7 million shares.
Friday's trading volume peaked at 9.48 million shares, thereby blitzing the daily average of 7 million by 135%.
— Average trading volume refers to a 21-day rolling average.