Take a look at the following real estate stocks: Duke Realty Corp, Extra Space Storage Inc, Opendoor Technologies Inc. and others showed higher volumes than usual.
Yesterday's session summary: Markets had an interesting day yesterday; Dow Jones gained 1.18% and closed at 34,100. S&P 500 ended the session at 4,003.58 after a 1.36% gain.
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.
Price action was mostly bullish yesterday with some real estate stocks recording abnormally high trading volumes. Here's a recap:
Duke Realty ended yesterday at $48.2, a 0.48% increase Duke Realty climbs 0.48% to $48.2 after 26 days of flat trade
Signs of life: 26 days of level trading might be coming to an end with a gain of 2.19% today yesterday's session shows improvement: Duke Realty rises 0.48% to close at $48.2 yesterday.
Extra Space Storage | 104% slightly above rolling average Yesterday's slide leaves Extra Space Storage traders hoping for a bounce
Trading volume peaked at 1.16 million shares yesterday, thereby obliterating the daily average of 1.12 million by 104%. After a 6 day of trading sideways yesterday's session suggests a further slow down: grinding lower but with no clear-cut direction, the Utah-based REIT closed the session at $156.74 after forming a distinct $156.36 – $158.84 range.
The Utah-based REIT has shed 24.91% over the past three months. So far in 2022, it has been doing worse than the S&P 500 by 8.31%. Extra Space Storage's market cap currently stands at $22 billion with an average daily volume of 1.12 million shares. $498.90 million was Extra Space Storage's last reported revenue with $1.65 being the current EPS.
Opendoor Technologies Inc | 100% slightly greater than rolling average Opendoor Technologies Inc closed at $1.64 (down 2.96%) and added one more to its 5th straight day of losses
Yesterday's trading volume peaked at 27.31 million shares, thereby blitzing the daily average of 26.79 million by 100%. Opendoor Technologies Inc's bearish run has lasted 5 days so far (-36 cents). yesterday's session continued down the same path: pronounced bearish market sentiment ensured that the online US real estate company made a notable 2.96% loss yesterday, declining 5 cents and ultimately closing at $1.64.
Since its 52-week high of $18.35, the online US real estate company has lost 90.82% over the last twelve months. So far in 2022, it has been under-performing the Nasdaq by 46.57%. The company has a market cap of $1 billion with an average daily trading volume of 26.79 million shares. Opendoor Technologies Inc last reported revenue of $3.36 billion with an EPS of -60 cents.
— Average trading volume refers to a 21-day rolling average.