Following yesterday's heightened trading volumes, VICI Properties Inc., Life Storage, Inc., Opendoor Technologies Inc. were the standout stocks.
Yesterday's session summary: Leading equity indices in the US rose as Nasdaq closed the day at 11,079, having gained 0.71%. S&P 500 ended the session at 3,999 after a 0.4% 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:
VICI Properties | 311% higher than rolling average
VICI Properties Inc. traded at $33.15 after making its biggest single-day drop of 87 cents (2.56%) since December 2022. Early in yesterday's session, VICI Properties dropped to $32.75 from $34.02 at the end of Thursday, before closing at $33.15. During the session, it lost 2.56%.
VICI Properties outpaced its average daily trading volume (6.37 million) with 19.81 million shares traded yesterday.
Life Storage | 252% higher than rolling average
Life Storage outpaced its average daily trading volume (722,352) with 1.82 million shares traded yesterday.
Life Storage hit a significant low of $95.23 around 9 days ago, but has since recovered 8.62%.
Life Storage's board sets quarterly dividend of $1.2 per share to be paid on Thursday, January 26th; annual dividend yield esimated at 4.73%.
Opendoor Technologies Inc | 172% above rolling average
Opendoor Technologies Inc outpaced its average daily trading volume (27.45 million) with 47.12 million shares traded yesterday.
The online US real estate company has managed to gain 52.34% so far this year despite trading at lows around 97.01 cents previously. Opendoor Technologies Inc has posted further gains as part of a 7 day trend that has already seen the stock gain 54 cents.
— Average trading volume refers to a 21-day rolling average.