Synchrony Financial (SYF) traded on unusually high volume on Nov. 02, as the stock lost 9.58% to close at $26.43. On the day, Synchrony Financial saw 18.84 million shares trade hands on 81,305 trades. Considering that the stock averages only a daily volume of 5.3 million shares a day over the last month, this represents a pretty significant bump in volume over the norm.
Generally speaking, when a stock experiences a sudden spike in trading volume, it may be seen as a bullish signal for investors. An increase in volume means more market awareness for the company, potentially setting up a more meaningful move in stock price. The added volume also provides a level of support and stability for price advances.
The stock has traded between $40.59 and $27.60 over the last 52-weeks, its 50-day SMA is now $31.15, and its 200-day SMA $33.39. Synchrony Financial has a P/B ratio of 1.36. It also has a P/E ratio of 9.3.
Synchrony Financial provides consumer financial products services to the diverse group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations and healthcare service providers.
Headquartered in Stamford, CT, Synchrony Financial has 16,000 employees and is currently under the leadership of CEO Margaret M. Keane.