There was a lot going on in the stock market today, and one stock that had investors talking was Vonage Holdings Corporation (NYSE:$VG).
Surprisingly, Vonage Holdings Corp. traded on unusually high volume on Wednesday, as the stock gained 1.69% to end the day at $8.42. During trading, Vonage Holdings Corp. witnessed 37.76 million shares trade hands on 48,623 trades. Seeing as the stock averages only a daily volume of 2.22 million shares a day over the last month, today’s results represent a significant bump in volume.
For the most part, when a stock undergoes a sudden spike in trading volume, investors may see it as a bullish signal. Why? Because an increase in volume tends to mean more market awareness for the company. Essentially, this has the ability to set up a more meaningful move in stock price. Additionally, the added volume provides a level of support and stability for future price advances.
In case you didn’t know, Vonage Holdings Corp. is a telecom services provider. The firm – based in Holmdel, New Jersey – provides unified communications, consisting of integrated text, video, voice, data, and mobile apps over a voice-over Internet Protocol network.
Featured Image: depositphotos/bartekjaworski
