Invesco Dorsey Wright Momentum ETF (NASDAQ:PDP) Sees Strong Trading Volume – Time to Buy?

Shares of Invesco Dorsey Wright Momentum ETF (NASDAQ:PDP) saw unusually-high trading volume on Friday . Approximately 94,103 shares changed hands during mid-day trading, an increase of 251% from the previous session’s volume of 26,825 shares.The stock last traded at $129.95 and had previously closed at $128.10.

Invesco Dorsey Wright Momentum ETF Trading Up 1.2%

The stock has a market cap of $1.42 billion, a price-to-earnings ratio of 28.67 and a beta of 1.13. The stock has a 50-day moving average price of $122.18 and a two-hundred day moving average price of $118.02.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Jones Financial Companies Lllp lifted its stake in shares of Invesco Dorsey Wright Momentum ETF by 14.7% during the first quarter. Jones Financial Companies Lllp now owns 2,056 shares of the company’s stock worth $206,000 after buying an additional 264 shares during the period. Goldman Sachs Group Inc. purchased a new position in Invesco Dorsey Wright Momentum ETF in the 1st quarter worth $775,000. Jane Street Group LLC lifted its position in Invesco Dorsey Wright Momentum ETF by 41.2% during the 1st quarter. Jane Street Group LLC now owns 8,288 shares of the company’s stock worth $829,000 after acquiring an additional 2,418 shares during the period. Stratos Wealth Partners LTD. lifted its position in Invesco Dorsey Wright Momentum ETF by 8.4% during the 2nd quarter. Stratos Wealth Partners LTD. now owns 4,790 shares of the company’s stock worth $520,000 after acquiring an additional 370 shares during the period. Finally, Stephens Inc. AR grew its stake in Invesco Dorsey Wright Momentum ETF by 20.7% during the 2nd quarter. Stephens Inc. AR now owns 9,855 shares of the company’s stock valued at $1,070,000 after purchasing an additional 1,693 shares during the last quarter.

About Invesco Dorsey Wright Momentum ETF

PowerShares DWA Technical Leaders Portfolio (the Fund) is based on the Dorsey Wright Technical Leaders Index (the Index). The Fund seeks investment results that generally correspond to the price and yield of the Index. The Fund will normally invest at least 90% of its total assets in securities that consists of the Index and American Depositary Receipts (ADRs) based on the securities in the Index. The Index includes approximately 100 the United States-listed companies. Invesco PowerShares Capital Management LLC acts as the Fund’s investment adviser.