Invesco Solar ETF (NYSEARCA:TAN) Reaches New 52-Week High – Should You Buy?

Invesco Solar ETF (NYSEARCA:TAN)’s stock price hit a new 52-week high during trading on Wednesday . The company traded as high as $56.48 and last traded at $56.06, with a volume of 1191939 shares traded. The stock had previously closed at $55.11.

Invesco Solar ETF Trading Up 1.7%

The firm’s 50 day moving average price is $49.80 and its 200-day moving average price is $45.54. The company has a market cap of $1.26 billion, a P/E ratio of 18.04 and a beta of 1.37.

Institutional Trading of Invesco Solar ETF

Hedge funds and other institutional investors have recently modified their holdings of the company. Citigroup Inc. raised its position in Invesco Solar ETF by 719.1% in the 3rd quarter. Citigroup Inc. now owns 887,670 shares of the exchange traded fund’s stock valued at $38,729,000 after buying an additional 779,301 shares during the last quarter. Trek Financial LLC bought a new stake in Invesco Solar ETF in the third quarter valued at approximately $16,180,000. Millennium Management LLC acquired a new stake in Invesco Solar ETF during the 3rd quarter valued at $14,901,000. Goldman Sachs Group Inc. boosted its holdings in shares of Invesco Solar ETF by 72.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 265,917 shares of the exchange traded fund’s stock worth $8,100,000 after buying an additional 111,322 shares during the period. Finally, LMR Partners LLP bought a new position in shares of Invesco Solar ETF during the second quarter worth approximately $6,252,000.

Invesco Solar ETF Company Profile

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.