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May 19, 2023
Abiomed, Syneos Health, Inc., Signify Health, Inc. had the highest volumes yesterday.
Here's an update with information from the last trading session: Markets closed higher yesterday; Nasdaq gained 1.51% and closed at 12,700. S&P 500 closed the day at 4,198, having gained 0.94%.
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
Trading volume was 15.70 million shares yesterday — beating the daily average by a mammoth 506%.
The stock has been trending positively for about 4 months.
Syneos Health | 221% higher than rolling average
On an 8 day uptrend, Yesterday's session put the brakes on the ongoing uptrend — a mostly flat day so far for the management consulting company, range-bound between $41.39 and $41.68 and currently at $41.52.
With 9 million shares traded yesterday, Syneos Health beat its daily average by 221% to cap off a frenetic trading day.
Signify Health | 261% higher than rolling average
Signify Health had a compelling day yesterday, with 9.63 million shares traded helping the company surpass its average daily volume by 261%.
Signify Health hit a significant low of $11.19 around 11 months ago, but has since recovered 172.3%. The stock has been trending positively for about 10 months. With around a month of flat trade under its belt,
— Average trading volume refers to a 21-day rolling average.
