Tennant Company (TNC) traded on unusually high volume on Feb. 21, as the stock gained 4.06% to close at $64.09. On the day, Tennant Company saw 245,259 shares trade hands on 2,993 trades. Considering that the stock averages only a daily volume of 63,345 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 $86.03 and $48.97 over the last 52-weeks, its 50-day SMA is now $56.54, and its 200-day SMA $68.81. Tennant Company has a P/B ratio of 3.78. It also has a P/E ratio of 51.7.
Tennant Co is into a manufacturer of floor cleaning equipment, wood flooring, and wood products. It operates in three geographic business units including the Americas, Europe, Middle East, Africa (EMEA) and Asia Pacific (APAC). The company offers products and solutions consisting of mechanized cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair service, specialty surface coatings, and business solutions such as financing, rental and leasing programs, and machine-to-machine asset management solutions.
Headquartered in Minneapolis, MN, Tennant Company has 4,300 employees and is currently under the leadership of CEO H. Chris Killingstad.