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July 01, 2023
Abiomed, Bright Health Group Inc., Signify Health, Inc. led the pack during yesterday's heightened trading volumes.
Here's an update with information from the last trading session: Leading equity indices in the US rose as S&P 500 ended the session at 4,450.38 after a 1.23% gain. Nasdaq gained 1.45% and closed at 13,800.
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% above rolling average
Abiomed outpaced its average daily trading volume (3.10 million) with 15.70 million shares traded yesterday.
The stock has been trending positively for about 5 months.
Bright Health | 771% above rolling average
Bright Health hit a significant low of 14.69 cents around a month ago, but has since recovered 7,333.63%. Bright Health has a market cap of $97.17 million with an average daily volume of 215,840 shares.
Bright Health outpaced its average daily trading volume (215,840) with 1.66 million shares traded yesterday.
Signify Health | 261% higher than rolling average
Trading volume was 9.63 million shares yesterday — beating the daily average by a mammoth 261%.
The healthcare platform developer is currently trading 121.12% higher since its 52-week low of $13.8. The stock has been trending positively for about a year. With around a month of flat trade under its belt,
— Average trading volume refers to a 21-day rolling average.
