Invesco S&P 500 Momentum ETF (NYSEARCA:SPMO) Sets New 1-Year High – Here’s Why

Invesco S&P 500 Momentum ETF (NYSEARCA:SPMO)’s share price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $105.64 and last traded at $104.86, with a volume of 1101988 shares changing hands. The stock had previously closed at $105.28.

Invesco S&P 500 Momentum ETF Stock Down 0.4%

The stock has a market cap of $7.02 billion, a P/E ratio of 27.23 and a beta of 0.97. The stock has a fifty day simple moving average of $94.84 and a 200-day simple moving average of $96.60.

Hedge Funds Weigh In On Invesco S&P 500 Momentum ETF

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SPMO. Envestnet Asset Management Inc. raised its position in shares of Invesco S&P 500 Momentum ETF by 41.7% during the first quarter. Envestnet Asset Management Inc. now owns 6,014,557 shares of the company’s stock worth $556,527,000 after purchasing an additional 1,770,226 shares during the period. LPL Financial LLC raised its position in shares of Invesco S&P 500 Momentum ETF by 64.3% during the first quarter. LPL Financial LLC now owns 3,579,241 shares of the company’s stock worth $331,187,000 after purchasing an additional 1,400,512 shares during the period. Clark Capital Management Group Inc. raised its position in shares of Invesco S&P 500 Momentum ETF by 35.4% during the first quarter. Clark Capital Management Group Inc. now owns 1,683,208 shares of the company’s stock worth $155,747,000 after purchasing an additional 440,005 shares during the period. Bank of America Corp DE raised its position in shares of Invesco S&P 500 Momentum ETF by 363.9% during the fourth quarter. Bank of America Corp DE now owns 1,446,799 shares of the company’s stock worth $137,460,000 after purchasing an additional 1,134,915 shares during the period. Finally, CWM LLC raised its position in shares of Invesco S&P 500 Momentum ETF by 201.9% during the first quarter. CWM LLC now owns 1,313,198 shares of the company’s stock worth $121,510,000 after purchasing an additional 878,259 shares during the period.

Invesco S&P 500 Momentum ETF Company Profile

The Invesco S&P 500 Momentum ETF (SPMO) is an exchange-traded fund that is based on the S&P 500 Momentum (US Dollar) index. The fund tracks an index of 100 S&P 500 components with the strongest volatility-adjusted momentum. SPMO was launched on Oct 9, 2015 and is managed by Invesco.