The highest volumes for today went to: Cousins Properties Incorporated, VICI Properties Inc., Extra Space Storage Inc.
A quick recap of where the last trading session ended: Markets did not have a clear cut direction — Dow Jones slipped 0.56% and closed at 34,400. Nasdaq closed 11,482 after a stable day.
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 today, several real estate stocks were actively traded. Here's an update:
Cousins Properties | 152% higher than rolling average Bearish Cousins Properties declines 38 cents (1.44%)
Trading volume peaked at 1.79 million shares today, thereby obliterating the daily average of 1.18 million by 152%. Though in the midst of a 3 day uptrend, gaining a total of 2.56%, ($1.03), the prevailing bullish trend is beginning to fade following today's downbeat session. Pronounced bearish sentiment in the market pushed the residential and commercial property market company into a notable 1.44% slide today, falling 38 cents and ultimately closing at $26.
VICI Properties | 139% higher than rolling average VICI Properties erases gains after rallying beyond $34.48 for the first time in 3 months, closing at $33.86
Today's trading volume peaked at 8.53 million shares, thereby blitzing the daily average of 6.12 million by 139%. Though in the midst of a 12 day uptrend, gaining a total of 7%, ($2.55), today's session suggests run might be coming to an end — after ending yesterday at $34.2, VICI Properties declined to $33.27 today before closing at $33.86, thereby losing 0.99% in total.
VICI Properties hit a significant low of $26.68 around 6 months ago, but has since recovered 28.19%. The Nasdaq has been doing worse in 2022, it has been passing it by 52.12%. The company has a market cap of $32.61 billion with an average daily volume of 6.12 million shares. VICI Properties expected revenue of $740.68 million with an EPS of 57 cents.
Extra Space Storage | 103% slightly greater than rolling average Is the bullish run coming to an end? Extra Space Storage closed at $160.05 (-0.4%)
With 1.25 million shares traded today, Extra Space Storage beat its daily average by 103% to cap off a frenetic trading day. Though in the midst of a 3 day uptrend, gaining a total of 4.92%, ($8.14), the prevailing bullish trend is beginning to fade following today's downbeat session. Early in today's session, Extra Space Storage dropped to $158.02 from $160.69 at the end of yesterday, before closing at $160.05. During the session, it lost 0.4%.
The REIT is now trading 20.03% below its 3-month high of $226.73. So far in 2022, it has been doing worse than the S&P 500 by 9.05%. The company's market cap is $21.43 billion with an average daily trading volume of 1.21 million shares. Extra Space Storage's last revenue report was $498.90 million with an EPS of $1.65.
— Average trading volume refers to a 21-day rolling average.