Renaissance IPO ETF (NYSEARCA:IPO) Stock Price Down 1.3% – What’s Next?

Renaissance IPO ETF (NYSEARCA:IPO)’s stock price traded down 1.3% during mid-day trading on Tuesday . The stock traded as low as $50.98 and last traded at $51.10. 7,924 shares traded hands during trading, a decline of 74% from the average daily volume of 30,432 shares. The stock had previously closed at $51.75.

Renaissance IPO ETF Trading Up 1.5%

The firm has a 50-day simple moving average of $53.85 and a two-hundred day simple moving average of $51.24. The company has a market capitalization of $104.85 million, a price-to-earnings ratio of 35.63 and a beta of 1.35.

Hedge Funds Weigh In On Renaissance IPO ETF

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IPO. Cetera Investment Advisers lifted its stake in Renaissance IPO ETF by 8.7% in the first quarter. Cetera Investment Advisers now owns 71,805 shares of the company’s stock valued at $3,007,000 after acquiring an additional 5,768 shares during the last quarter. Jefferies Financial Group Inc. lifted its stake in shares of Renaissance IPO ETF by 3.2% in the 4th quarter. Jefferies Financial Group Inc. now owns 7,532 shares of the company’s stock valued at $344,000 after purchasing an additional 232 shares during the last quarter. Wealthfront Advisers LLC boosted its holdings in Renaissance IPO ETF by 5.1% in the first quarter. Wealthfront Advisers LLC now owns 6,314 shares of the company’s stock worth $264,000 after purchasing an additional 308 shares in the last quarter. Tempo Wealth LLC acquired a new position in Renaissance IPO ETF during the fourth quarter worth $248,000. Finally, Hudson Value Partners LLC acquired a new position in Renaissance IPO ETF during the second quarter worth $232,000.

Renaissance IPO ETF Company Profile

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.