Global X Defense Tech ETF (NYSEARCA:SHLD) Shares Cross Above Fifty Day Moving Average – Here’s Why

Global X Defense Tech ETF (NYSEARCA:SHLD)’s stock price passed above its 50-day moving average during trading on Monday. The stock has a 50-day moving average of $62.77 and traded as high as $63.40. Global X Defense Tech ETF shares last traded at $63.35, with a volume of 1,573,786 shares trading hands.

Global X Defense Tech ETF Trading Up 2.4%

The stock has a market capitalization of $6.60 billion, a PE ratio of -5.23 and a beta of 0.33. The firm’s 50-day simple moving average is $62.77 and its two-hundred day simple moving average is $67.57.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Harel Insurance Investments & Financial Services Ltd. boosted its stake in shares of Global X Defense Tech ETF by 151.1% during the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 4,645,365 shares of the company’s stock valued at $329,078,000 after buying an additional 2,795,100 shares during the period. Bank of America Corp DE increased its stake in shares of Global X Defense Tech ETF by 30.9% in the first quarter. Bank of America Corp DE now owns 9,575,995 shares of the company’s stock worth $678,363,000 after acquiring an additional 2,262,272 shares during the last quarter. Clal Insurance Enterprises Holdings Ltd acquired a new position in shares of Global X Defense Tech ETF in the first quarter worth $120,428,000. Wedbush Securities Inc. raised its holdings in shares of Global X Defense Tech ETF by 7,064.6% during the second quarter. Wedbush Securities Inc. now owns 373,205 shares of the company’s stock worth $11,498,000 after acquiring an additional 367,996 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its holdings in shares of Global X Defense Tech ETF by 30.5% during the second quarter. Envestnet Asset Management Inc. now owns 1,362,699 shares of the company’s stock worth $81,367,000 after acquiring an additional 318,805 shares in the last quarter. Institutional investors and hedge funds own 57.57% of the company’s stock.

Global X Defense Tech ETF Company Profile

The Global X Defense Tech ETF (SHLD) is an exchange-traded fund that is based on the Global X Defense Tech index. The fund tracks a modified market-cap weighted index of the top 50 pure-play defense technology companies from around the world. These companies are considered best positioned to benefit from increased governmental defense spending. SHLD was launched on Sep 11, 2023 and is issued by Global X.