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

Shares of Invesco Solar ETF (NYSEARCA:TAN) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $50.05 and last traded at $50.0930, with a volume of 284873 shares. The stock had previously closed at $47.93.

Invesco Solar ETF Stock Up 6.5%

The business has a 50-day moving average price of $44.84 and a 200-day moving average price of $38.44. The firm has a market capitalization of $980.42 million, a price-to-earnings ratio of 18.04 and a beta of 1.37.

Hedge Funds Weigh In On Invesco Solar ETF

Hedge funds have recently made changes to their positions in the company. AE Wealth Management LLC boosted its stake in shares of Invesco Solar ETF by 257.4% during the 3rd quarter. AE Wealth Management LLC now owns 2,584 shares of the exchange traded fund’s stock worth $113,000 after acquiring an additional 1,861 shares in the last quarter. Florin Court Capital LLP purchased a new position in Invesco Solar ETF in the 3rd quarter valued at about $5,135,000. Trek Financial LLC purchased a new position in Invesco Solar ETF in the 3rd quarter valued at about $16,180,000. Envestnet Portfolio Solutions Inc. purchased a new position in Invesco Solar ETF in the 3rd quarter valued at about $226,000. Finally, Nwam LLC lifted its stake in Invesco Solar ETF by 26.4% in the 3rd quarter. Nwam LLC now owns 16,742 shares of the exchange traded fund’s stock valued at $730,000 after buying an additional 3,492 shares in the last quarter.

About Invesco Solar ETF

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).