Invesco Solar ETF (NYSEARCA:TAN) Hits New 12-Month Low – What’s Next?

Invesco Solar ETF (NYSEARCA:TAN) reached a new 52-week low on Monday. The stock traded as low as $43.00 and last traded at $43.00, with a volume of 298487 shares trading hands. The stock had previously closed at $44.06.

Invesco Solar ETF Price Performance

The company has a market capitalization of $881.07 million, a P/E ratio of 18.04 and a beta of 1.39. The firm’s 50-day moving average is $49.16 and its 200-day moving average is $55.60.

Hedge Funds Weigh In On Invesco Solar ETF

A number of institutional investors have recently bought and sold shares of the stock. Envestnet Asset Management Inc. grew its holdings in Invesco Solar ETF by 5.2% during the second quarter. Envestnet Asset Management Inc. now owns 31,323 shares of the exchange traded fund’s stock valued at $1,853,000 after purchasing an additional 1,538 shares during the period. IPG Investment Advisors LLC bought a new position in shares of Invesco Solar ETF in the second quarter worth about $202,000. Integrated Wealth Concepts LLC lifted its position in shares of Invesco Solar ETF by 5.0% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 7,090 shares of the exchange traded fund’s stock valued at $419,000 after buying an additional 339 shares in the last quarter. IFP Advisors Inc grew its stake in shares of Invesco Solar ETF by 61.3% during the 2nd quarter. IFP Advisors Inc now owns 5,489 shares of the exchange traded fund’s stock valued at $325,000 after acquiring an additional 2,085 shares during the period. Finally, Carlson Financial Inc. purchased a new stake in Invesco Solar ETF in the 2nd quarter worth approximately $319,000.

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.