Macy’s Inc (M) traded on unusually high volume on Nov. 14, as the stock lost 7.18% to close at $33.22. On the day, Macy’s Inc saw 29.6 million shares trade hands on 152,173 trades. Considering that the stock averages only a daily volume of 7.74 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 $41.99 and $19.09 over the last 52-weeks, its 50-day SMA is now $34.54, and its 200-day SMA $33.02. Macy’s Inc has a P/B ratio of 1.95. It also has a P/E ratio of 6.2.
Macy’s Inc is an omnichannel retailer. It sells merchandise, including men’s, women’s and children’s apparel and accessories, cosmetics, home furnishings and other consumer goods.
Headquartered in Cincinnati, OH, Macy’s Inc has 130,000 employees and is currently under the leadership of CEO Jeffrey Gennette.