WageWorks Inc. (WAGE) traded on unusually high volume on Jan. 09, as the stock lost 0.71% to close at $28.12. On the day, WageWorks Inc. saw 1.09 million shares trade hands on 7,640 trades. Considering that the stock averages only a daily volume of 532,683 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 $63.40 and $25.15 over the last 52-weeks, its 50-day SMA is now $33.43, and its 200-day SMA $43.74. WageWorks Inc. has a P/B ratio of 1.86. It also has a P/E ratio of 22.9.
WageWorks is a provider of tax-advantaged programs in the United States. The company specialises in consumer-directed benefits such as health savings accounts, health and dependent-care flexible spending accounts, health reimbursement arrangements, and commuter benefit services, including transit, parking, and wellness programs. With the help of WageWorks, employees use pretax dollars to pay for healthcare, dependent care, and commuter expenses and save money on their payroll tax.
Headquartered in San Mateo, CA, WageWorks Inc. has 2,167 employees and is currently under the leadership of CEO Edgar O. Montes.