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Schnitzer Steel Industries Inc. (SCHN) traded on unusually high volume on Aug. 14, as the stock lost 2.25% to close at $28.25. On the day, Schnitzer Steel Industries Inc. saw 556,849 shares trade hands on 3,974 trades. Considering that the stock averages only a daily volume of 260,670 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 $38.85 and $24.60 over the last 52-weeks, its 50-day SMA is now $33.48, and its 200-day SMA $32.11. Schnitzer Steel Industries Inc. has a P/B ratio of 1.24. It also has a P/E ratio of 7.2.
Schnitzer Steel Industries Inc is a ferrous and non-ferrous scrap metal recycler and manufacturer of finished steel products in the US. Its metal recycling business collects and recycles auto bodies, rail cars, appliances, machinery etc.
Headquartered in Portland, OR, Schnitzer Steel Industries Inc. has 3,183 employees and is currently under the leadership of CEO .
For a complete fundamental analysis analysis of Schnitzer Steel Industries Inc., check out Equities.com’s Stock Valuation Analysis report for SCHN.
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All data provided by QuoteMedia and was accurate as of 4:30PM ET.
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