Invesco Solar ETF (NYSEARCA:TAN) Sets New 12-Month High – Time to Buy?

Invesco Solar ETF (NYSEARCA:TAN) shares reached a new 52-week high on Thursday . The stock traded as high as $64.55 and last traded at $63.81, with a volume of 1976788 shares trading hands. The stock had previously closed at $61.65.

Invesco Solar ETF Stock Performance

The stock has a market cap of $1.79 billion, a price-to-earnings ratio of 18.04 and a beta of 1.29. The firm’s 50-day simple moving average is $56.83 and its two-hundred day simple moving average is $53.61.

Institutional Investors Weigh In On Invesco Solar ETF

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TAN. CIBC Private Wealth Group LLC acquired a new stake in Invesco Solar ETF in the 4th quarter valued at about $25,000. SBI Securities Co. Ltd. increased its position in Invesco Solar ETF by 62.2% in the 4th quarter. SBI Securities Co. Ltd. now owns 553 shares of the exchange traded fund’s stock valued at $27,000 after acquiring an additional 212 shares in the last quarter. Parallel Advisors LLC acquired a new stake in Invesco Solar ETF in the 4th quarter valued at about $28,000. Assetmark Inc. acquired a new stake in Invesco Solar ETF in the 4th quarter valued at about $29,000. Finally, Barnes Dennig Private Wealth Management LLC acquired a new stake in Invesco Solar ETF in the 4th quarter valued at about $35,000.

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.