4 IT Stocks Rising on Unusual Volume
Unusual volume can also be a major signal that hedge funds and momentum traders are piling into a stock ahead of a catalyst. These types of traders like to get in well before a large spike, so it's always a smart move to monitor unusual volume. That said, remember to combine trend and price action with unusual volume. Put them all together to help you decipher the next big trend for any stock.
With that in mind, let's take a look at several stocks rising on unusual volume today.
FleetCor Technologies (FLT)
This is an independent global provider of specialized payment products and services to businesses, commercial fleets, oil companies, petroleum marketers and government entities in countries throughout North America, Latin America and Europe. This stock is trading up 2.6% at $47.29 in recent trading.
Today's Volume: 1.05 million
Average Volume: 407,105
Volume % Change: 384%
Shares of FLT are trending higher today after Citigroup upgraded the stock citing the company's strong third quarter results and forward prospects. The firm raised its price target to $56 from $49.
From a technical perspective, FLT is bouncing higher here right off some near-term support at $47 with above-average volume. This move has started to push FLT into breakout territory, since the stock has challenged some near-term overhead resistance at $47.97. At last check, FLT has hit an intraday high of $49.49 and volume is well above its three-month average action of 407,105 shares.
Traders should now look for long-biased trades in FLT as long as it's trending above $47.97 with strong upside volume flows. I would consider any upside volume day that registers near or above 407,105 shares as bullish. If FLT can maintain that trend, then look for the stock to challenge and possible take out today's high of $49.49. Some possible upside targets if $49.49 gets taken out with volume are $53 to $55.
EPAM Systems (EPAM)
This company is a service provider focused on complex software product development services, software engineering and vertically-oriented custom development solutions. This stock is trading up 6.4% at $18.93 in recent trading.
Today's Volume: 390,000
Average Volume: 187,568
Volume % Change: 309%
Shares of EPAM are ripping higher today after the company reported third quarter revenues of $110 million up 6% sequentially, and 27% year-over-year. The firm also raised its full year revenue and adjusted its earnings growth guidance.