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May 03, 2023
Icahn Enterprises L.P., Terminix Global Holdings, Inc., Chegg, Inc. and others reached higher-than-usual trading volumes.
A quick recap of where the last trading session ended: Leading equity indices in the US declined as Dow Jones shed 1.08% and closed at 33,700. After dropping 1.16%, S&P 500 closed at 4,119.58.
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.
Though trading was down yesterday, some stocks reached high volumes. Here is an update.
Icahn Enterprises | 1,442% higher than rolling average
Icahn Enterprises L.P. falls 0.87% in after-hours and trades at $40. This comes following a session of losses in which it closed at $40.36 after dropping to $36.8 for the first time in 3 years. Early in yesterday's session, Icahn Enterprises dropped to $36.8 from $50.42 at the end of Monday, before closing at $40.36. During the session, it lost 19.95%.
Icahn Enterprises outpaced its average daily trading volume (1.23 million) with 17.67 million shares traded yesterday.
Terminix | 482% above rolling average
Since its 52-week high of $46, the pest control company has lost 17.6% over the last twelve months. On a negative trend for around 6 months. With an average daily trading volume of 5.37 million shares.
Yesterday's trading volume was 25.88 million shares (surpassing the daily average by 482%).
Chegg | 896% higher than rolling average
With 47.98 million shares traded yesterday, Chegg beat its daily average by 896% to cap off a frenetic trading day.
Chegg hit a significant low of $9.08 around a day ago, but has since recovered 93.83%.
— Average trading volume refers to a 21-day rolling average.
