Following yesterday's heightened trading volumes, Fiverr International Ltd., Shaw Communications Inc., LegalZoom.com, Inc. were the standout stocks.
A quick recap of where the last trading session ended: Leading equity indices in the US declined as Dow Jones shed 0.8% and closed at 33,400. S&P 500 was down 0.7% before closing the session at 4,090.75.
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.
Fiverr International | 586% higher than rolling average
Fiverr International Ltd.'s bearish run has lasted 4 days so far (-$5.61). Yesterday's session continued down the same path: after ending Tuesday at $30.91, Fiverr International declined to $26.7 yesterday before closing at $27.92, thereby losing 9.67% in total.
With 4.12 million shares traded yesterday, Fiverr International beat its daily average by 586% to cap off a frenetic trading day.
Shaw Communications | 473% above rolling average
Shaw Communications has posted further gains as part of a 17 day trend that has already seen the stock gain $1.58. Yesterday's session pointed in the same direction — Shaw Communications rose 27 cents to close at $30.18 yesterday which makes for a move of 0.9%.
Trading volume peaked at 6.35 million shares yesterday, thereby obliterating the daily average of 1.34 million by 473%.
LegalZoom | 436% higher than rolling average
LegalZoom had a compelling day yesterday, with 3.25 million shares traded helping the company surpass its average daily volume by 436%.
LegalZoom has shed $7 points and is languishing 45.08% lower over the past year, leaving its yearly highs around $15.45 in the rear-view mirror. LegalZoom's downtrend has seen it decline 18.32% in 3 days
LegalZoom is scheduled to announce earnings results Tuesday. The consensus Earnings Per Share estimate is 0.06 and the consensus revenue estimate is $155.28 million.
— Average trading volume refers to a 21-day rolling average.