A busy day for Zscaler, Inc., Dollar General, The Blackstone Group Inc., being the prominent large cap and over stocks displaying higher volumes than usual.
A quick recap of where the last trading session ended: Markets completed a mixed session Friday, as Nasdaq lost 0.18% and ended the session at 11,461. After dropping 0.12%, S&P 500 closed at 4,071.7.
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 large cap and over stocks were actively traded. Here's an update:
Zscaler | 336% higher than rolling average A bad day for Zscaler Friday, losing 10.73%
Zscaler, Inc. outpaced its average daily trading volume (2.87 million) with 9.67 million shares traded Friday. After ending Thursday at $144.5, Zscaler declined to $126.4 Friday before closing at $129, thereby losing 10.73% in total.
After hitting an important low of $116.25 approximately 26 days ago, the US cloud security business has bounced back 24.3% since. So far in 2022, it has been doing worse than the Nasdaq by 16.4%. Zscaler's market cap currently stands at $18.60 billion with an average daily trading volume of 2.87 million shares.
Dollar General | 258% higher than rolling average Dollar General closes at $243.96 after gaining 3.22%
Dollar General outpaced its average daily trading volume (2 million) with 5.25 million shares traded Friday. After closing Friday at $243.96, the store chain operator peaked at $245 before giving up early gains and closing at $243.96.
The US variety store chain reached a significant high of $260.44 around a month ago but has lost 9.25% since then. So far in 2022 it has been beating the S&P 500 by 21.5%. Dollar General is currently trading with a market cap of $54.54 billion with an average daily volume of 2 million shares.
Blackstone | 242% higher than rolling average Blackstone maintains composure within $80.44 to $85.46 range
Blackstone outpaced its average daily trading volume (5.61 million) with 13.59 million shares traded Friday. After dropping down to $80.44, the alternative investment management company recovers some losses and is currently trading at $85.16.
The alternative investment management company has shed 29.85% over the past six months. So far in 2022, it has been under-performing the S&P by 15%. Blackstone has a market cap of $59.76 billion with an average daily volume of 5.61 million shares. Blackstone is forecasted to generate revenues of $2.37 billion and EPS of 98.39 cents.
— Average trading volume refers to a 21-day rolling average.