VanEck Rare Earth and Strategic Metals ETF (NYSEARCA:REMX) Sets New 12-Month High – Still a Buy?

VanEck Rare Earth and Strategic Metals ETF (NYSEARCA:REMX)’s stock price hit a new 52-week high on Wednesday . The stock traded as high as $107.14 and last traded at $106.42, with a volume of 133052 shares traded. The stock had previously closed at $103.83.

VanEck Rare Earth and Strategic Metals ETF Stock Performance

The company’s fifty day moving average is $94.08 and its two-hundred day moving average is $83.86. The company has a market cap of $3.15 billion, a price-to-earnings ratio of 5.66 and a beta of 1.33.

Hedge Funds Weigh In On VanEck Rare Earth and Strategic Metals ETF

Several hedge funds and other institutional investors have recently bought and sold shares of REMX. LPL Financial LLC grew its stake in shares of VanEck Rare Earth and Strategic Metals ETF by 121.6% during the 4th quarter. LPL Financial LLC now owns 598,454 shares of the company’s stock worth $44,238,000 after purchasing an additional 328,393 shares during the period. Quadrature Capital Ltd grew its stake in shares of VanEck Rare Earth and Strategic Metals ETF by 104.2% during the 4th quarter. Quadrature Capital Ltd now owns 434,493 shares of the company’s stock worth $32,118,000 after purchasing an additional 221,698 shares during the period. Bank of America Corp DE grew its stake in shares of VanEck Rare Earth and Strategic Metals ETF by 183.3% during the 2nd quarter. Bank of America Corp DE now owns 253,106 shares of the company’s stock worth $10,271,000 after purchasing an additional 163,753 shares during the period. Wells Fargo & Company MN grew its stake in shares of VanEck Rare Earth and Strategic Metals ETF by 99.1% during the 4th quarter. Wells Fargo & Company MN now owns 234,514 shares of the company’s stock worth $17,335,000 after purchasing an additional 116,710 shares during the period. Finally, UBS Group AG grew its stake in shares of VanEck Rare Earth and Strategic Metals ETF by 191.1% during the 4th quarter. UBS Group AG now owns 213,309 shares of the company’s stock worth $15,768,000 after purchasing an additional 140,044 shares during the period.

About VanEck Rare Earth and Strategic Metals ETF

The VanEck Rare Earth\u002FStrategic Metals ETF (REMX) is an exchange-traded fund that mostly invests in materials equity. The fund tracks an index of global companies that mine, refine, or recycle rare earth and strategic metals. REMX was launched on Oct 27, 2010 and is managed by VanEck.