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 and is up around 160.7% from its 52-week low price of $21.14/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 is comprised of companies in the solar energy industry. SolarEdge Technologies, First Solar and Enphase Energy are the top three holdings of the fund. It charges 70 basis points in annual fees (see all Alternative Energy ETFs here).
Why the Move?
A rise in crude oil prices has been noticed lately due to storm-led decline in output. As oil prices jumped, investors probably have turned to alternative energy thinking that this group could also be a likely gainer. Plus, the demand for solar panels is rising globally. Tesla’s success has also been aiding solar ETF. Apart from the United States, Europe and China have been focusing on the clean energy area greatly.
More Gains Ahead?
Currently, TAN has a Zacks ETF Rank #2 (Buy) with a High-risk outlook. The fund has a positive weighted alpha of 129.10. So, there is definitely still some promise for those who want to ride on this surging ETF a little longer.
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Invesco Solar ETF (TAN): ETF Research Reports
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.