Invesco Solar ETF (NYSEARCA:TAN) Hits New 12-Month High – Should You Buy?

Shares of Invesco Solar ETF (NYSEARCA:TAN) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $59.69 and last traded at $59.4840, with a volume of 382759 shares changing hands. The stock had previously closed at $57.92.

Invesco Solar ETF Stock Performance

The firm has a market capitalization of $1.49 billion, a PE ratio of 18.04 and a beta of 1.37. The business’s 50 day moving average is $53.13 and its two-hundred day moving average is $47.69.

Institutional Investors Weigh In On Invesco Solar ETF

Several institutional investors and hedge funds have recently modified their holdings of the stock. Northwestern Mutual Wealth Management Co. boosted its position in shares of Invesco Solar ETF by 95,252.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 4,423,380 shares of the exchange traded fund’s stock worth $217,276,000 after purchasing an additional 4,418,741 shares during the period. Citigroup Inc. raised its holdings in Invesco Solar ETF by 719.1% during the 3rd quarter. Citigroup Inc. now owns 887,670 shares of the exchange traded fund’s stock valued at $38,729,000 after buying an additional 779,301 shares during the period. Trek Financial LLC bought a new position in Invesco Solar ETF during the 3rd quarter valued at about $16,180,000. Wealth High Governance Capital Ltda bought a new position in shares of Invesco Solar ETF in the fourth quarter worth about $17,986,000. Finally, Millennium Management LLC purchased a new stake in shares of Invesco Solar ETF in the 3rd quarter worth $14,901,000.

About Invesco Solar ETF

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.