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June 07, 2023
The following communication_services stocks experienced higher volumes than usual including Shaw Communications Inc., Bilibili Inc., LegalZoom.com, Inc. and others.
A recap of yesterday's session: Leading equity indices in the US rose as Nasdaq closed the day at 13,276, having gained 0.36%. S&P 500 gained 0.24% and closed at 4,284.
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 communication_services stocks recording abnormally high trading volumes. Here's a recap:
Shaw Communications | 473% higher than rolling average
Shaw Communications Inc. had a compelling day yesterday, with 6.35 million shares traded helping the company surpass its average daily volume by 473%.
The Canadian telecoms provider has recovered 24.68% since descending to a significant low of $24 around 7 months ago. The stock has been trending positively for about 2 months. Shaw Communications has posted further gains as part of a 17 day trend that has already seen the stock gain $1.58.
Shaw Communications discloses 7.2 cents per share dividend to be paid on Thursday, March 30th
Bilibili | 241% above rolling average
The current year has not been the best for the Chinese video community enabler as it lost 42.78% from its highest point of $29.71. Pointing downwards for around 2 months. Bilibili has a market cap of $6.40 billion with an average daily volume of 5.95 million shares.
Yesterday's trading volume was 14.34 million shares (surpassing the daily average by 241%).
LegalZoom | 144% higher than rolling average
Trading volume was 2.55 million shares yesterday — beating the daily average by a mammoth 144%.
Having set a significant low of $7.47 a month ago, the online legal services provider is trading 57.83% higher. LegalZoom has posted further gains as part of a 10 day trend that has already seen the stock gain $1.08.
— Average trading volume refers to a 21-day rolling average.
