A busy day for BCE Inc., Tremor International Ltd, PLAYSTUDIOS, Inc., being the prominent communication_services stocks displaying higher volumes than usual.
A quick recap of where the last trading session ended: Markets were up yesterday; S&P 500 closed the day at 3,919.29, having gained 1.65%. Nasdaq ended the session at 11,428 after a 2.14% 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 communication_services stocks recording abnormally high trading volumes. Here's a recap:
BCE | 441% higher than rolling average
Yesterday's trading volume peaked at 4.47 million shares, thereby blitzing the daily average of 1 million by 441%.
The Canadian telecoms company has fallen back around 27.09% from the significant high of $59.02 set 10 months ago. Trending downwards for around a month.
BCE discloses 67.5 cents per share dividend to be paid on Monday, January 16th
Tremor International | 359% above rolling average
Trading volume was 474,282 shares yesterday — beating the daily average by a mammoth 359%.
11 months ago the advertising-technology company reached a significant high of $16.53 but has consequently lost 65.52% since then. On a negative trend for around a month.
Playstudios | 251% higher than rolling average
Playstudios outpaced its average daily trading volume (240,040) with 602,380 shares traded yesterday.
The mobile and social gaming developer reached a significant high of $6.48 around 9 months ago but has lost 43.6% since then.
Playstudios released its quarterly earnings report Thursday, beating analysts estimates. The company reported earnings of -0.02 per share on revenue of $79.38 million, topping estimates of -0.03 per share on revenue of $70 million. Since the release of its earnings report, Playstudios gained 5.54%.
— Average trading volume refers to a 21-day rolling average.