Invesco Solar ETF (NYSEARCA:TAN) Reaches New 12-Month High – Still a Buy?

Shares of Invesco Solar ETF (NYSEARCA:TAN) hit a new 52-week high during trading on Friday . The stock traded as high as $65.66 and last traded at $65.60, with a volume of 686611 shares traded. The stock had previously closed at $64.86.

Invesco Solar ETF Stock Up 1.4%

The firm has a market cap of $1.81 billion, a P/E ratio of 18.04 and a beta of 1.29. The firm’s 50-day simple moving average is $57.53 and its 200 day simple moving average is $54.05.

Hedge Funds Weigh In On Invesco Solar ETF

Several hedge funds have recently bought and sold shares of the company. Western Wealth Management LLC purchased a new position in Invesco Solar ETF during the first quarter valued at approximately $271,000. Bank of America Corp DE raised its holdings in Invesco Solar ETF by 9.5% during the 1st quarter. Bank of America Corp DE now owns 325,356 shares of the exchange traded fund’s stock valued at $18,126,000 after buying an additional 28,203 shares during the last quarter. EverSource Wealth Advisors LLC bought a new stake in Invesco Solar ETF during the 1st quarter valued at $243,000. Royal Bank of Canada raised its holdings in Invesco Solar ETF by 5.8% during the 1st quarter. Royal Bank of Canada now owns 99,308 shares of the exchange traded fund’s stock valued at $5,533,000 after buying an additional 5,443 shares during the last quarter. Finally, Empowered Funds LLC bought a new stake in Invesco Solar ETF during the 1st quarter valued at $1,800,000.

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.