iShares Future AI & Tech ETF (NYSEARCA:ARTY) Hits New 52-Week High – Still a Buy?

Shares of iShares Future AI & Tech ETF (NYSEARCA:ARTY) hit a new 52-week high on Wednesday . The company traded as high as $53.67 and last traded at $53.55, with a volume of 485919 shares changing hands. The stock had previously closed at $52.31.

iShares Future AI & Tech ETF Price Performance

The firm’s 50-day moving average price is $48.95 and its 200-day moving average price is $46.56. The company has a market cap of $2.29 billion, a price-to-earnings ratio of 32.81 and a beta of 1.20.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ARTY. Ameriprise Financial Inc. boosted its position in shares of iShares Future AI & Tech ETF by 85.1% in the third quarter. Ameriprise Financial Inc. now owns 1,324,334 shares of the company’s stock worth $60,639,000 after buying an additional 608,816 shares during the period. Northwestern Mutual Wealth Management Co. lifted its position in iShares Future AI & Tech ETF by 744.8% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 1,206,214 shares of the company’s stock worth $55,220,000 after acquiring an additional 1,063,439 shares in the last quarter. Bank of America Corp DE boosted its holdings in iShares Future AI & Tech ETF by 35.9% in the 3rd quarter. Bank of America Corp DE now owns 1,155,924 shares of the company’s stock worth $52,918,000 after acquiring an additional 305,380 shares during the period. Hancock Prospecting Pty Ltd acquired a new stake in iShares Future AI & Tech ETF in the third quarter valued at approximately $48,307,000. Finally, Wharton Business Group LLC raised its stake in shares of iShares Future AI & Tech ETF by 2.4% during the third quarter. Wharton Business Group LLC now owns 989,042 shares of the company’s stock valued at $45,277,000 after purchasing an additional 22,740 shares during the period.

About iShares Future AI & Tech ETF

The iShares Future AI & Tech ETF (ARTY) is an exchange-traded fund that mostly invests in stocks based on a particular theme. The fund tracks a concentrated index of global companies that provide products and services that are expected to contribute to artificial intelligence technologies. Holdings are selected and weighted based on a modified market-cap. ARTY was launched on Jun 26, 2018 and is issued by BlackRock.