NEW YORK ( TheStreet) -- Corrections Corporation of America (NYSE: CXW) is trading at unusually high volume Friday with 3.8 million shares changing hands. It is currently at four times its average daily volume and trading up $1.08 (+3.5%) at $31.58 as of 3:50 p.m. ET. Corrections Corporation of America has a market cap of $2.86 billion and is part of the services sector and diversified services industry. Shares are up 49.2% year to date as of the close of trading on Thursday. Corrections Corporation of America, together with its subsidiaries, owns and operates privatized correctional and detention facilities in the United States. The company has a P/E ratio of 19.7, above the average diversified services industry P/E ratio of 18.7 and above the S&P 500 P/E ratio of 17.7. TheStreet Ratings rates Corrections Corporation of America as a buy. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance, growth in earnings per share, largely solid financial position with reasonable debt levels by most measures and notable return on equity. We feel these strengths outweigh the fact that the company has had sub par growth in net income. You can view the full Corrections Corporation of America Ratings Report. See all heavy volume stocks in our stocks moving on unusual volume list or get investment ideas from our investment research center.