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March 14, 2023
Insulet Corporation, Abiomed, Edwards Lifesciences Corp and others reached higher-than-usual trading volumes.
A recap of today's session: Markets had an interesting day today; 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 today with some healthcare stocks recording abnormally high trading volumes. Here's a recap:
Insulet | 2,300% above rolling average
Today's trading volume was 16.38 million shares (surpassing the daily average by 2,300%).
Insulet hit a significant low of $186.4 around 10 months ago, but has since recovered 62.79%.
Abiomed | 506% above rolling average
Today's session put the brakes on the ongoing uptrend — Abiomed moves 0% to close at $381 today.
Abiomed had a compelling day today, with 15.70 million shares traded helping the company surpass its average daily volume by 506%.
Edwards Lifesciences | 230% higher than rolling average
Edwards Lifesciences outpaced its average daily trading volume (3.55 million) with 8.16 million shares traded today.
Approximately 10 months ago, the artificial heart valve maker reached a significant high of $128.27 but has struggled to hold onto its gains and declined 40.27% since then.
— Average trading volume refers to a 21-day rolling average.
