Invesco S&P 500 Momentum ETF (NYSEARCA:SPMO) Reaches New 52-Week High – Here’s Why

Shares of Invesco S&P 500 Momentum ETF (NYSEARCA:SPMO) reached a new 52-week high on Monday . The stock traded as high as $108.28 and last traded at $108.19, with a volume of 879992 shares trading hands. The stock had previously closed at $106.70.

Invesco S&P 500 Momentum ETF Price Performance

The firm has a market capitalization of $8.82 billion, a price-to-earnings ratio of 28.02 and a beta of 0.99. The business’s 50 day moving average price is $100.58 and its 200-day moving average price is $97.93.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. increased its holdings in shares of Invesco S&P 500 Momentum ETF by 41.7% during the 1st quarter. Envestnet Asset Management Inc. now owns 6,014,557 shares of the company’s stock worth $556,527,000 after buying an additional 1,770,226 shares during the last quarter. LPL Financial LLC grew its position in Invesco S&P 500 Momentum ETF by 64.3% during the first quarter. LPL Financial LLC now owns 3,579,241 shares of the company’s stock valued at $331,187,000 after acquiring an additional 1,400,512 shares during the period. Clark Capital Management Group Inc. grew its position in Invesco S&P 500 Momentum ETF by 35.4% during the first quarter. Clark Capital Management Group Inc. now owns 1,683,208 shares of the company’s stock valued at $155,747,000 after acquiring an additional 440,005 shares during the period. Bank of America Corp DE increased its stake in Invesco S&P 500 Momentum ETF by 363.9% during the fourth quarter. Bank of America Corp DE now owns 1,446,799 shares of the company’s stock worth $137,460,000 after acquiring an additional 1,134,915 shares during the last quarter. Finally, CWM LLC raised its holdings in shares of Invesco S&P 500 Momentum ETF by 201.9% in the 1st quarter. CWM LLC now owns 1,313,198 shares of the company’s stock worth $121,510,000 after purchasing an additional 878,259 shares during the period.

About Invesco S&P 500 Momentum ETF

The Invesco S&P 500 Momentum ETF (SPMO) is an exchange-traded fund that is based on the S&P 500 Momentum (US Dollar) index. The fund tracks an index of 100 S&P 500 components with the strongest volatility-adjusted momentum. SPMO was launched on Oct 9, 2015 and is managed by Invesco.