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April 28, 2023
Following yesterday's heightened trading volumes, Abiomed, Signify Health, Inc., IQVIA Holdings Inc were the standout stocks.
A recap of yesterday's session: Markets were up yesterday; S&P 500 gained 1.96% and closed at 4,135.35. Dow Jones closed the day at 33,826, having gained 1.57%.
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 healthcare stocks recording abnormally high trading volumes. Here's a recap:
Abiomed | 506% higher than rolling average
With 15.70 million shares traded yesterday, Abiomed beat its daily average by 506% to cap off a frenetic trading day.
The stock has been trending positively for about 3 months.
Signify Health | 261% above rolling average
Yesterday's trading volume peaked at 9.63 million shares, thereby blitzing the daily average of 3.69 million by 261%.
Signify Health hit a significant low of $11.19 around 10 months ago, but has since recovered 172.3%. The stock has been trending positively for about 9 months. With around a month of flat trade under its belt,
Signify Health is scheduled to announce earnings results Tuesday. The consensus EPS estimate is 0.12 and the consensus revenue estimate is $242 million.
IQVIA | 337% higher than rolling average
Trading volume peaked at 3.61 million shares yesterday, thereby obliterating the daily average of 1 million by 337%.
The clinical research enabler has shed 19.43% over the past three months. Having fallen $13 in 4 days,
IQVIA reported earnings results yesterday; with EPS at 2.34 and revenues at $3.65 billion, these results are mixed compared to a consensus of 2.41 Earnings Per Share and $3.61 billion revenue. Since the release of its earnings report, IQVIA lost 3.33%.
— Average trading volume refers to a 21-day rolling average.
