Renaissance IPO ETF (NYSEARCA:IPO) Stock Price Down 3.1% – What’s Next?

Renaissance IPO ETF (NYSEARCA:IPO)’s share price traded down 3.1% during mid-day trading on Thursday . The stock traded as low as $42.45 and last traded at $42.46. 17,055 shares changed hands during mid-day trading, a decline of 43% from the average session volume of 30,003 shares. The stock had previously closed at $43.80.

Renaissance IPO ETF Stock Down 3.1%

The firm has a market cap of $127.38 million, a price-to-earnings ratio of 35.63 and a beta of 1.35. The stock’s 50 day moving average is $45.26 and its 200 day moving average is $47.25.

Hedge Funds Weigh In On Renaissance IPO ETF

Several hedge funds have recently modified their holdings of IPO. Cetera Investment Advisers raised its stake in shares of Renaissance IPO ETF by 2.3% in the 2nd quarter. Cetera Investment Advisers now owns 68,570 shares of the company’s stock worth $3,082,000 after buying an additional 1,518 shares in the last quarter. Jefferies Financial Group Inc. bought a new position in Renaissance IPO ETF during the second quarter valued at about $278,000. Geneos Wealth Management Inc. bought a new position in Renaissance IPO ETF during the third quarter valued at about $1,859,000. Advisory Services Network LLC acquired a new position in Renaissance IPO ETF during the third quarter worth about $101,000. Finally, Tempo Wealth LLC acquired a new position in Renaissance IPO ETF during the fourth quarter worth about $248,000.

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.