Invesco Solar ETF (NYSEARCA:TAN) Reaches New 52-Week High – Here’s Why

Invesco Solar ETF (NYSEARCA:TAN)’s share price reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $71.31 and last traded at $70.51, with a volume of 2641341 shares. The stock had previously closed at $68.96.

Invesco Solar ETF Trading Up 2.8%

The stock has a market cap of $2.04 billion, a PE ratio of 18.04 and a beta of 1.29. The company’s 50 day moving average is $59.14 and its 200-day moving average is $54.85.

Institutional Investors Weigh In On Invesco Solar ETF

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Western Wealth Management LLC acquired a new position in Invesco Solar ETF during the 1st quarter worth $271,000. Bank of America Corp DE grew its holdings in Invesco Solar ETF by 9.5% during the 1st quarter. Bank of America Corp DE now owns 325,356 shares of the exchange traded fund’s stock worth $18,126,000 after acquiring an additional 28,203 shares in the last quarter. EverSource Wealth Advisors LLC acquired a new position in Invesco Solar ETF during the 1st quarter worth $243,000. Royal Bank of Canada grew its holdings in Invesco Solar ETF by 5.8% during the 1st quarter. Royal Bank of Canada now owns 99,308 shares of the exchange traded fund’s stock worth $5,533,000 after acquiring an additional 5,443 shares in the last quarter. Finally, Empowered Funds LLC acquired a new position in Invesco Solar ETF during the 1st quarter worth $1,800,000.

About Invesco Solar ETF

Guggenheim Solar ETF, formerly Claymore/MAC Global Solar Energy Index ETF, seeks investment results that correspond generally to the performance of an equity index called the MAC Global Solar Energy Index (the Index). The Index consists of approximately 25 stocks selected based on the relative importance of solar power within the Company’s business model, as determined by MAC Indexing LLC (the Index Provider). The Index is designed to track companies within the business segments of the solar energy industry, which include companies that produce solar power equipment and products for end users, companies that produce fabrication products (such as the equipment used by solar cell and module producers to manufacture solar power equipment) or services (such as companies specializing in the solar cell manufacturing or the provision of consulting services to solar cell and module producers) for solar power equipment producers.