Renaissance IPO ETF (NYSEARCA:IPO) Stock Jumps 2.2% – Here’s Why

Renaissance IPO ETF (NYSEARCA:IPO)’s stock price rose 2.2% during trading on Tuesday. The company traded as high as $49.66 and last traded at $49.53. 66,183 shares traded hands during trading, an increase of 129% from the average session volume of 28,887 shares. The stock had previously closed at $48.48.

Renaissance IPO ETF Stock Performance

The stock has a market cap of $138.68 million, a price-to-earnings ratio of 35.63 and a beta of 1.37. The firm’s 50-day simple moving average is $52.49 and its two-hundred day simple moving average is $50.33.

Institutional Trading of Renaissance IPO ETF

Several hedge funds have recently modified their holdings of the stock. Parallel Advisors LLC increased its holdings in shares of Renaissance IPO ETF by 295.2% in the first quarter. Parallel Advisors LLC now owns 996 shares of the company’s stock valued at $42,000 after purchasing an additional 744 shares in the last quarter. NFSG Corp acquired a new position in Renaissance IPO ETF during the 1st quarter worth $42,000. Key Client Fiduciary Advisors LLC acquired a new position in Renaissance IPO ETF during the 2nd quarter worth $229,000. Hudson Value Partners LLC acquired a new position in Renaissance IPO ETF during the 2nd quarter worth $232,000. Finally, Wealthfront Advisers LLC boosted its position in Renaissance IPO ETF by 5.1% in the 1st quarter. Wealthfront Advisers LLC now owns 6,314 shares of the company’s stock valued at $264,000 after buying an additional 308 shares during the last quarter.

About Renaissance IPO ETF

The Renaissance IPO ETF (IPO) is an exchange-traded fund that is based on the FTSE Renaissance IPO index. The fund tracks a market cap-weighted index of recent US-listed IPOs. The fund acquires issues within 90 days or sooner after IPO and sells after 3 years. IPO was launched on Oct 14, 2013 and is managed by Renaissance.