Global X Lithium & Battery Tech ETF (NYSEARCA:LIT) Stock Price Crosses Below 50 Day Moving Average – Here’s Why

Global X Lithium & Battery Tech ETF (NYSEARCA:LIT) shares passed below its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $79.48 and traded as low as $68.33. Global X Lithium & Battery Tech ETF shares last traded at $69.08, with a volume of 346,389 shares traded.

Global X Lithium & Battery Tech ETF Stock Performance

The company has a market cap of $1.52 billion, a P/E ratio of 21.25 and a beta of 1.02. The stock has a 50-day moving average of $79.48 and a two-hundred day moving average of $76.43.

Hedge Funds Weigh In On Global X Lithium & Battery Tech ETF

Several institutional investors and hedge funds have recently modified their holdings of the stock. Western Wealth Management LLC purchased a new position in shares of Global X Lithium & Battery Tech ETF in the 1st quarter worth about $418,000. NewEdge Advisors LLC grew its position in Global X Lithium & Battery Tech ETF by 3.7% during the 1st quarter. NewEdge Advisors LLC now owns 7,848 shares of the company’s stock valued at $583,000 after purchasing an additional 282 shares during the last quarter. Bank of America Corp DE grew its position in Global X Lithium & Battery Tech ETF by 36.8% during the 1st quarter. Bank of America Corp DE now owns 340,424 shares of the company’s stock valued at $25,310,000 after purchasing an additional 91,542 shares during the last quarter. Royal Bank of Canada increased its stake in Global X Lithium & Battery Tech ETF by 2.2% during the 1st quarter. Royal Bank of Canada now owns 108,824 shares of the company’s stock valued at $8,092,000 after purchasing an additional 2,359 shares in the last quarter. Finally, Hilltop Holdings Inc. increased its stake in Global X Lithium & Battery Tech ETF by 24.7% during the 1st quarter. Hilltop Holdings Inc. now owns 4,675 shares of the company’s stock valued at $348,000 after purchasing an additional 925 shares in the last quarter.

About Global X Lithium & Battery Tech ETF

Global X Lithium ETF (the Fund) seeks to provide investment results that correspond generally to the price and yield performance of the Solactive Global Lithium Index (the Index). The Index is free float adjusted, liquidity tested and market capitalization-weighted index that is designed to measure broad based equity market performance of global companies involved in the lithium industry, as defined by Structured Solutions AG. The Fund will normally invest at least 80% of its total assets in the securities of the Index and in depositary receipts based on the securities in the Index.