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Unusual volume can be a major signal that hedge funds and momentum traders are piling into a stock ahead of a catalyst.
GeoEye (Nasdaq:GEOY) is trading at unusually high volume Tuesday with 869,538 shares changing hands. It is currently at four times its average daily volume and trading up 47 cents (+3.3%).
Shares of GeoEye (Nasdaq:GEOY) were gapping down Monday morning with an open price 17.9% lower than Friday's closing price. The stock closed at $18.34 yesterday and opened today's trading at $15.05.
GeoEye (Nasdaq:GEOY) hit a new 52-week low Monday as it is currently trading at $17.92, below its previous 52-week low of $17.98 with 23,389 shares traded as of 10:10 a.m. ET. Average volume has been 277,200 shares over the past 30 days.
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