DoorDash, Inc., World Wrestling Entertainment, Inc., Roku, Inc. and others reached higher-than-usual trading volumes.
Friday's session summary: Markets completed a mixed session Friday while Nasdaq slipped 0.58% and closed at 11,800. Dow Jones gained 0.39% and closed at 33,827.
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.
While trading was mostly sideways Friday, several communication_services stocks were actively traded. Here's an update:
DoorDash | 396% higher than rolling average
The online food company has gained 25.17% since its lowest print of $43.06 earlier this year. The stock has been trending positively for about a month. The company has a market cap of $24.00 billion with an average daily trading volume of 5.96 million shares.
DoorDash outpaced its average daily trading volume (5.96 million) with 23.60 million shares traded Friday.
World Wrestling Entertainment | 397% above rolling average
During a 10 day fall, dropping a total of 2.84%, ($3.38), A possible change of direction spotted from Friday; pronounced bullish sentiment in the market helped the media and entertainment company to make a notable 0.93% gain Friday, rising 83 cents and ultimately closing at $88.
Friday's trading volume was 3 million shares (surpassing the daily average by 397%).
Roku | 208% higher than rolling average
Roku had a compelling day Friday, with 19.89 million shares traded helping the company surpass its average daily volume by 208%.
This year has been a bright one for the streaming pioneer after trading as low as $38.8 and going on to appreciate by 78.34% year to date. Roku has posted further gains as part of a 6 day trend that has already seen the stock gain $15.67.
Roku released its quarterly earnings report Wednesday, beating analysts estimates. The company reported earnings of -1.7 per share on revenue of $867 million, topping estimates of -1.73 per share on revenue of $807.55 million. Since the release of its earnings report, Roku gained 26.34%.
— Average trading volume refers to a 21-day rolling average.