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June 04, 2023
Following Friday's heightened trading volumes, Abiomed, Signify Health, Inc., Cooper Companies Inc were the standout stocks.
Friday's session summary: Markets closed higher Friday; Dow Jones closed the day at 33,763, having gained 2.12%. S&P 500 ended the session at 4,282.37 after a 1.45% 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 Friday with some healthcare stocks recording abnormally high trading volumes. Here's a recap:
Abiomed | 506% higher than rolling average
Trading volume was 15.70 million shares Friday — beating the daily average by a mammoth 506%.
The stock has been trending positively for about 4 months.
Signify Health | 261% above rolling average
Following a month of flat trade, Pointing in a similar direction, Friday's session was more of the same — Signify Health moves 0.07% to close at $30.49 Friday.
Signify Health had a compelling day Friday, with 9.63 million shares traded helping the company surpass its average daily volume by 261%.
CooperCompanies | 183% higher than rolling average
With 701,665 shares traded Friday, CooperCompanies beat its daily average by 183% to cap off a frenetic trading day.
The medical device company has fallen back around 4.57% over the past 24 days, from a notable high of $392.09.
— Average trading volume refers to a 21-day rolling average.
