Global X Defense Tech ETF (NYSEARCA:SHLD) Sees Unusually-High Trading Volume – Time to Buy?

Shares of Global X Defense Tech ETF (NYSEARCA:SHLD) saw an uptick in trading volume on Tuesday . Approximately 5,257,662 shares were traded during trading, an increase of 199% from the previous session’s volume of 1,755,748 shares.The stock last traded at $61.94 and had previously closed at $63.18.

Global X Defense Tech ETF Trading Down 1.7%

The company has a market capitalization of $6.89 billion, a PE ratio of -5.12 and a beta of 0.27. The stock’s 50-day moving average is $64.62 and its two-hundred day moving average is $66.73.

Institutional Investors Weigh In On Global X Defense Tech ETF

Hedge funds and other institutional investors have recently modified their holdings of the business. Bank of America Corp DE lifted its stake in shares of Global X Defense Tech ETF by 30.9% during the 1st quarter. Bank of America Corp DE now owns 9,575,995 shares of the company’s stock worth $678,363,000 after acquiring an additional 2,262,272 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. increased its stake in Global X Defense Tech ETF by 151.1% in the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 4,645,365 shares of the company’s stock worth $329,078,000 after purchasing an additional 2,795,100 shares during the period. Clal Insurance Enterprises Holdings Ltd bought a new stake in shares of Global X Defense Tech ETF during the first quarter worth $120,428,000. Royal Bank of Canada boosted its stake in shares of Global X Defense Tech ETF by 49.9% during the first quarter. Royal Bank of Canada now owns 817,433 shares of the company’s stock valued at $57,907,000 after purchasing an additional 271,959 shares during the period. Finally, Sanctuary Advisors LLC grew its holdings in shares of Global X Defense Tech ETF by 41.1% in the first quarter. Sanctuary Advisors LLC now owns 770,947 shares of the company’s stock worth $54,614,000 after purchasing an additional 224,582 shares during the last quarter. 57.57% of the stock is currently owned by hedge funds and other institutional investors.

About Global X Defense Tech ETF

The Global X Defense Tech ETF (SHLD) is an exchange-traded fund that is based on the Global X Defense Tech index. The fund tracks a modified market-cap weighted index of the top 50 pure-play defense technology companies from around the world. These companies are considered best positioned to benefit from increased governmental defense spending. SHLD was launched on Sep 11, 2023 and is issued by Global X.