Invesco Russell 1000 Equal Weight ETF (NYSEARCA:EQAL) Reaches New 1-Year High – Time to Buy?

Invesco Russell 1000 Equal Weight ETF (NYSEARCA:EQAL) shares hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $54.56 and last traded at $54.5390, with a volume of 2922 shares traded. The stock had previously closed at $54.38.

Invesco Russell 1000 Equal Weight ETF Stock Up 0.7%

The firm has a market capitalization of $720.84 million, a price-to-earnings ratio of 18.07 and a beta of 1.00. The firm’s 50 day moving average is $52.70 and its 200 day moving average is $51.73.

Institutional Investors Weigh In On Invesco Russell 1000 Equal Weight ETF

A number of institutional investors and hedge funds have recently modified their holdings of EQAL. Royal Bank of Canada raised its holdings in Invesco Russell 1000 Equal Weight ETF by 7.7% during the 1st quarter. Royal Bank of Canada now owns 6,764 shares of the company’s stock worth $320,000 after buying an additional 484 shares during the period. Jones Financial Companies Lllp boosted its holdings in shares of Invesco Russell 1000 Equal Weight ETF by 515.8% in the first quarter. Jones Financial Companies Lllp now owns 7,242 shares of the company’s stock worth $342,000 after buying an additional 6,066 shares during the period. Jane Street Group LLC purchased a new position in shares of Invesco Russell 1000 Equal Weight ETF in the first quarter worth approximately $418,000. Silver Oak Securities Incorporated acquired a new stake in shares of Invesco Russell 1000 Equal Weight ETF during the second quarter valued at approximately $1,601,000. Finally, Janney Montgomery Scott LLC raised its holdings in shares of Invesco Russell 1000 Equal Weight ETF by 21.1% during the second quarter. Janney Montgomery Scott LLC now owns 22,869 shares of the company’s stock valued at $1,126,000 after acquiring an additional 3,977 shares during the period.

About Invesco Russell 1000 Equal Weight ETF

The Invesco Russell 1000 Equal Weight ETF (EQAL) is an exchange-traded fund that is based on the Russell 1000 Equal Weight index. The fund tracks an index of the 1,000 largest US stocks. Each sector receives equal weight, and each stock within a sector receives equal weight. EQAL was launched on Dec 23, 2014 and is managed by Invesco.