Solar ETF (TAN) Hits New 52-Week High
For investors seeking momentum, Invesco Solar ETF TAN is probably on radar now. The fund just hit a 52-week high, which is up roughly 58.6% from its 52-week low price of $17.47/share.
But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea on where it might be headed:
TAN in Focus
The underlying MAC Global Solar Energy Index comprises companies in the solar energy industry. It charges 70 bps in fees (see all Alternative Energy ETFs here).
Why the Move?
An announcement from the U.S. trade delegation that a particular type of solar panel is being taken out from the tariff list probably boosted solar stocks, per a source. Some of the holdings of the fund – Canadian Solar and Jinko – shot up on the announcement.
More Gains Ahead?
The fund has a Zacks Rank #3 (Hold). It also has a positive weighted alpha of 30.20, which hints at more gains. So, there is definitely still some promise for those who want to ride on this ETF a little longer.
Want key ETF info delivered straight to your inbox?
Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >>
Click to get this free report
Invesco Solar ETF (TAN): ETF Research Reports
To read this article on Zacks.com click here.
Zacks Investment Research
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.