iShares Copper and Metals Mining ETF (NASDAQ:ICOP) Stock Jumps 3% – What’s Next?

iShares Copper and Metals Mining ETF (NASDAQ:ICOP)’s share price rose 3% during trading on Friday. The company traded as high as $54.20 and last traded at $54.11. 41,671 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 198,545 shares. The stock had previously closed at $52.54.

iShares Copper and Metals Mining ETF Stock Performance

The firm has a market cap of $476.17 million, a price-to-earnings ratio of -19.26 and a beta of 0.99. The stock has a 50-day moving average of $55.06 and a 200-day moving average of $52.18.

Hedge Funds Weigh In On iShares Copper and Metals Mining ETF

A number of large investors have recently modified their holdings of the business. Evolution Wealth Management Inc. bought a new stake in shares of iShares Copper and Metals Mining ETF during the 1st quarter worth approximately $25,000. Rehmann Capital Advisory Group increased its holdings in iShares Copper and Metals Mining ETF by 12.0% during the second quarter. Rehmann Capital Advisory Group now owns 5,338 shares of the company’s stock worth $263,000 after buying an additional 572 shares during the last quarter. Fifth Third Bancorp acquired a new position in iShares Copper and Metals Mining ETF during the first quarter worth $29,000. Sigma Planning Corp raised its position in iShares Copper and Metals Mining ETF by 6.1% during the first quarter. Sigma Planning Corp now owns 12,281 shares of the company’s stock worth $584,000 after acquiring an additional 709 shares in the last quarter. Finally, Markowski Investments bought a new stake in iShares Copper and Metals Mining ETF during the second quarter worth $37,000. 1.35% of the stock is currently owned by institutional investors and hedge funds.

About iShares Copper and Metals Mining ETF

The iShares Copper and Metals Mining ETF (ICOP) is an exchange-traded fund that mostly invests in materials equity. The fund tracks a market-capitalization weighted index composed of stocks of copper and metal ore mining companies globally. Stocks are quantitatively screened to identify stocks with significant revenue tied to this space ICOP was launched on Jun 21, 2023 and is managed by BlackRock.