Global X Defense Tech ETF (NYSEARCA:SHLD) Sees Strong Trading Volume – Still a Buy?

Global X Defense Tech ETF (NYSEARCA:SHLD) saw an uptick in trading volume on Wednesday. 4,280,042 shares changed hands during trading, an increase of 152% from the average daily volume of 1,699,912 shares. The stock last traded at $61.11 and had previously closed at $63.38.

Global X Defense Tech ETF Stock Down 3.8%

The company has a fifty day simple moving average of $62.22 and a 200-day simple moving average of $67.24. The firm has a market cap of $6.33 billion, a P/E ratio of -5.04 and a beta of 0.33.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Bank of America Corp DE increased its holdings in Global X Defense Tech ETF by 30.9% in the 1st quarter. Bank of America Corp DE now owns 9,575,995 shares of the company’s stock worth $678,363,000 after acquiring an additional 2,262,272 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. raised its stake in Global X Defense Tech ETF by 151.1% during the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 4,645,365 shares of the company’s stock worth $329,078,000 after acquiring an additional 2,795,100 shares during the period. Clal Insurance Enterprises Holdings Ltd bought a new stake in Global X Defense Tech ETF during the 1st quarter worth approximately $120,428,000. Envestnet Asset Management Inc. lifted its holdings in Global X Defense Tech ETF by 30.5% during the second quarter. Envestnet Asset Management Inc. now owns 1,362,699 shares of the company’s stock valued at $81,367,000 after purchasing an additional 318,805 shares in the last quarter. Finally, Royal Bank of Canada lifted its holdings in Global X Defense Tech ETF by 49.9% during the first quarter. Royal Bank of Canada now owns 817,433 shares of the company’s stock valued at $57,907,000 after purchasing an additional 271,959 shares in the last quarter. 57.57% of the stock is owned by hedge funds and other institutional investors.

Global X Defense Tech ETF Company Profile

The Global X Defense Tech ETF (SHLD) is an exchange-traded fund that is based on the Global X Defense Tech index. The fund tracks a modified market-cap weighted index of the top 50 pure-play defense technology companies from around the world. These companies are considered best positioned to benefit from increased governmental defense spending. SHLD was launched on Sep 11, 2023 and is issued by Global X.