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May 11, 2023
Following yesterday's heightened trading volumes, Opendoor Technologies Inc., Park Hotels & Resorts Inc., KE Holdings Inc. were the standout stocks.
A recap of yesterday's session: Leading equity indices in the US rose as Nasdaq gained 1.04% and closed at 12,300. S&P 500 ended the session at 4,137.64 after a 0.45% 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 yesterday with some real_estate stocks recording abnormally high trading volumes. Here's a recap:
Opendoor Technologies Inc | 254% higher than rolling average
The online US real estate company is now trading 73.16% below the significant high of $8 it set around 11 months ago. Opendoor Technologies Inc's market cap currently stands at $1.36 billion with an average daily volume of 22.52 million shares.
Yesterday's trading volume was 57.19 million shares (surpassing the daily average by 254%).
Park Hotels & Resorts | 137% above rolling average
Park Hotels & Resorts has posted further gains as part of an 11 day trend that has already seen the stock gain $1.56. Yesterday's session pointed in the same direction — the lodging real estate investment trust went up to $13.34, gaining 2.14%.
Park Hotels & Resorts outpaced its average daily trading volume (3.84 million) with 5.27 million shares traded yesterday.
KE Holdings | 186% above rolling average
KE Holdings outpaced its average daily trading volume (5.68 million) with 10.59 million shares traded yesterday.
The housing company has fallen back around 21.92% from the significant high of $20.3 set 2 months ago. Pointing downwards for around a month. KE Holdings has posted further gains as part of a 7 day trend that has already seen the stock gain 69 cents.
— Average trading volume refers to a 21-day rolling average.
