Unusual Activity Sighted in Synalloy Corporation (NASDAQ:SYNL) Shares

Shares of Synalloy Corporation (NASDAQ:SYNL) are experiencing unusual volume during today’s trading.  While the stock price moved along with the volume change, shares are touching $14.40 at the time of writing.  The day’s total volume of 26509 this morning is in contrast from the three-month daily average of 14.59K.  When we divide the current volume by the three-month average volume, we get a relative volume of 3.05.

Why is this important?

Trading volume is a hugely important consideration for any investor.  By watching how many shares are trading hands and looking for any changes in that activity, trading opportunities can be spotted along with a deeper understanding of the reliability of other indicators on the stock.  A significant increase in trading volume means that more than double the average amount of stocks are moving.  When volume is decreased significantly, it may indicate there is an issue that shareholders should watch out for.  It’s also important to take into consideration how long the unusual volume sustains for.  If it’s only the one trading day, it can be dismissed as an anomaly.

Synalloy Corporation (NASDAQ:SYNL)‘s market cap, the total dollar value of all of their outstanding shares, is 119.19m.  Including today’s unusual volume, Synalloy Corporation‘s stock is performing at 25.11% on the year.  For the week, the stock is performing -2.84%.  Over the past month the firm’s stock is 25.11%, 22.87% for the last quarter, 13.45% for the past six-months and 34.18% for the last year.

Current levels places Synalloy Corporation (NASDAQ:SYNL)’s stock about 2.13% from the 50-day high and 38.31% away from the 50-day low.  

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