AvePoint trades at 11.0x usual volume after S&P SmallCap 600 news

The pick

AvePoint (AVPT) had the biggest jump in trading volume compared with its usual level on October 30. Volume was 11.0x its 30-day average, and the stock closed down 1.50%.

What happened

A PR Newswire release said AvePoint will replace LXP Industrial Trust in the S&P SmallCap 600.

The sources we found don't say why trading volume peaked on October 30.

Source: [press release]

What news reports said

Yahoo Finance reported that AvePoint shares rose 4.3% in premarket trading on Wednesday after the index news [Yahoo Finance]. It also reported that S&P Dow Jones Indices announced the change late Tuesday [Yahoo Finance].

The numbers

• Previous close: $17.35

• Close: $17.09

• Change: -1.50%

• Volume: 27,964,302

• 30-day average volume: 2,547,093

• Volume multiple: 11.0x

What to watch

• Yahoo Finance reported that AvePoint will join the S&P SmallCap 600 before the market opens on Monday, Nov. 2 [Yahoo Finance].

Pro: 9 more stocks made Friday’s unusual-volume top 10, the next one at 10.9x its normal level. Pro members get the full top 10 at 8:30 every morning, how AVPT does against its sector and the S&P 500 over the next 5 and 20 trading days, and intraday alerts on big moves. Join Pro: $9/month founding price, locked in