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April 20, 2023
Following yesterday's heightened trading volumes, Shaw Communications Inc., Netflix, PLAYSTUDIOS, Inc. were the standout stocks.
Yesterday's session summary: Markets did not have a clear cut direction — Dow Jones closed at 33,900, a 0.23% change. Nasdaq closed 12,157 after a stable day.
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.
While trading was mostly sideways yesterday, several communication_services stocks were actively traded. Here's an update:
Shaw Communications | 473% above rolling average
Trading volume was 6.35 million shares yesterday — beating the daily average by a mammoth 473%.
Shaw Communications hit a significant low of $24 around 6 months ago, but has since recovered 24.68%. The stock has been trending positively for about a month. Shaw Communications has posted further gains as part of a 17 day trend that has already seen the stock gain $1.58.
Shaw Communications discloses 7.2 cents per share dividend to be paid on Thursday, March 30th
Netflix | 291% above rolling average
Yesterday's trading volume was 22.13 million shares (surpassing the daily average by 291%).
Netflix hit a significant low of $166.37 around 11 months ago, but has since recovered 100.58%. Netflix has lost 6.66% over the last 5 days.
The company reported earnings results Tuesday; with EPS at 3.53 and revenues at $8.16 billion, these results are mixed compared to a consensus of 2.85 Earnings Per Share and $8.17 billion revenue. Since the release of its earnings report, Netflix lost 2.89%.
Playstudios | 218% higher than rolling average
Approximately 10 months ago, the free-to-play casual game developer reached a significant high of $6.48 but has struggled to hold onto its gains and declined 38.73% since then. The stock has been trending positively for about a month. The free-to-play casual game developer's market cap currently stands at $551.92 million with an average daily volume of 233,326 shares.
Playstudios outpaced its average daily trading volume (233,326) with 509,165 shares traded yesterday.
— Average trading volume refers to a 21-day rolling average.
