For investors seeking momentum, Invesco Solar ETF (TAN - Free Report) 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.
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Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
For investors seeking momentum, Invesco Solar ETF (TAN - Free Report) 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 >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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