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

Shares of Invesco Solar ETF (NYSEARCA:TAN) reached a new 52-week high on Thursday . The stock traded as high as $53.92 and last traded at $53.92, with a volume of 570900 shares traded. The stock had previously closed at $52.25.

Invesco Solar ETF Price Performance

The stock’s 50-day moving average price is $49.52 and its 200-day moving average price is $45.20. The company has a market cap of $1.24 billion, a P/E ratio of 18.04 and a beta of 1.37.

Institutional Investors Weigh In On Invesco Solar ETF

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Northwestern Mutual Wealth Management Co. raised its position in shares of Invesco Solar ETF by 6.9% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 4,639 shares of the exchange traded fund’s stock valued at $202,000 after purchasing an additional 298 shares during the period. Integrated Wealth Concepts LLC raised its holdings in Invesco Solar ETF by 3.9% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 8,079 shares of the exchange traded fund’s stock valued at $353,000 after acquiring an additional 303 shares during the period. Verity Asset Management Inc. lifted its position in shares of Invesco Solar ETF by 2.6% during the third quarter. Verity Asset Management Inc. now owns 15,167 shares of the exchange traded fund’s stock worth $662,000 after acquiring an additional 380 shares in the last quarter. Ameriprise Financial Inc. boosted its holdings in shares of Invesco Solar ETF by 3.3% in the third quarter. Ameriprise Financial Inc. now owns 15,109 shares of the exchange traded fund’s stock worth $659,000 after acquiring an additional 489 shares during the period. Finally, Allworth Financial LP grew its position in shares of Invesco Solar ETF by 133.3% in the second quarter. Allworth Financial LP now owns 875 shares of the exchange traded fund’s stock valued at $30,000 after purchasing an additional 500 shares in the last quarter.

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.