Following yesterday's heightened trading volumes, Terminix Global Holdings, Inc., Chegg, Inc., Enel Américas S.A. were the standout stocks.
A quick recap of where the last trading session ended: Markets closed higher yesterday; Nasdaq gained 1.9% and closed at 12,100. S&P 500 closed the day at 4,164, having gained 1.29%.
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 stocks recording abnormally high trading volumes. Here's a recap:
Terminix | 482% higher than rolling average
Terminix Global Holdings, Inc. outpaced its average daily trading volume (5.37 million) with 25.88 million shares traded yesterday.
The residential and commercial pest control provider traded as high as $46.98 before shedding 15.4% lower over the past six months. Trending downwards for around 4 months.
Chegg | 766% higher than rolling average
Chegg had a compelling day yesterday, with 20.42 million shares traded helping the company surpass its average daily volume by 766%.
This year has been a gloomy one for the US "edutech" pioneer after trading as high as $37.03 and going on to lose 27.51% of its value. Pointing downwards for around 2 months.
Chegg reported inconclusive earnings results Monday, with revenue at $205.19 million, compared to a consensus of $202 million. Since the publication of its earnings report, Chegg has declined 18.32%.
Enel Americas | 3,026% higher than rolling average
During yesterday's session, Enel Americas toiled and struggled for upward momentum before closing at $4.81. By the close, the the electric power distribution company suffered a 24 cents or 4.75% loss.
Enel Americas outpaced its average daily trading volume (1 million) with 32.43 million shares traded yesterday.
— Average trading volume refers to a 21-day rolling average.