Ingevity Corporation (NGVT) traded on unusually high volume on Feb. 13, as the stock lost 1.27% to close at $97.00. On the day, Ingevity Corporation saw 300,481 shares trade hands on 3,450 trades. Considering that the stock averages only a daily volume of 163,406 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 $106.59 and $70.69 over the last 52-weeks, its 50-day SMA is now $88.33, and its 200-day SMA $90.00. Ingevity Corporation has a P/B ratio of 12.61. It also has a P/E ratio of 24.1.
Ingevity Corp is a chemical manufacturer based in the United States. It conducts its operations through two segments, namely Performance Chemicals and Performance Materials. The bulk of its revenue is generated by the Performance Chemicals segment which deals with the manufacture and sale of specialty chemicals which find their use in a range of processes such as asphalt paving, oil exploration and production, agrochemicals, adhesives, lubricants and publication inks. The Performance Materials segment, on the other hand, focusses on automotive carbon products used in automobiles. The Company sells its products worldwide, with special emphasis on North America.
Headquartered in North Charleston, SC, Ingevity Corporation has 1,500 employees and is currently under the leadership of CEO D. Michael Wilson.