Invesco NASDAQ Internet ETF (NASDAQ:PNQI) Sees Strong Trading Volume – Still a Buy?

Invesco NASDAQ Internet ETF (NASDAQ:PNQI) shares saw unusually-high trading volume on Wednesday . 98,027 shares changed hands during mid-day trading, an increase of 30% from the previous session’s volume of 75,156 shares.The stock last traded at $48.73 and had previously closed at $48.77.

Invesco NASDAQ Internet ETF Stock Performance

The stock has a 50-day simple moving average of $47.30 and a 200 day simple moving average of $47.77. The company has a market cap of $518.44 million, a P/E ratio of 30.49 and a beta of 1.24.

Hedge Funds Weigh In On Invesco NASDAQ Internet ETF

A number of hedge funds have recently made changes to their positions in the business. Jane Street Group LLC acquired a new stake in shares of Invesco NASDAQ Internet ETF during the 1st quarter valued at about $371,000. NewEdge Advisors LLC increased its stake in Invesco NASDAQ Internet ETF by 178.6% in the second quarter. NewEdge Advisors LLC now owns 5,920 shares of the company’s stock valued at $309,000 after acquiring an additional 3,795 shares during the period. Raymond James Financial Inc. raised its position in Invesco NASDAQ Internet ETF by 0.8% in the second quarter. Raymond James Financial Inc. now owns 165,485 shares of the company’s stock worth $8,640,000 after purchasing an additional 1,305 shares in the last quarter. Ameriprise Financial Inc. raised its position in Invesco NASDAQ Internet ETF by 11.6% in the second quarter. Ameriprise Financial Inc. now owns 39,225 shares of the company’s stock worth $2,048,000 after purchasing an additional 4,076 shares in the last quarter. Finally, Benjamin Edwards Inc. lifted its stake in Invesco NASDAQ Internet ETF by 22.3% during the second quarter. Benjamin Edwards Inc. now owns 19,368 shares of the company’s stock worth $1,011,000 after purchasing an additional 3,528 shares during the period.

Invesco NASDAQ Internet ETF Company Profile

The Invesco NASDAQ Internet ETF (PNQI) is an exchange-traded fund that is based on the NASDAQ Internet index, a modified-market-cap-weighted index of Internet companies listed in the US. PNQI was launched on Jun 12, 2008 and is managed by Invesco.