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Cloud Computing ETF (CLOU) Hits New 52-Week High
For investors seeking momentum, GX Cloud Computing ETF (CLOU - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 47.94% from its 52-week low price of $16/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 of where it might be headed:
CLOU in Focus
The underlying Indxx Global Cloud Computing Index provides exposure to exchange-listed companies in developed and emerging markets that are positioned to benefit from the increased adoption of cloud computing technology. The product charges 68 bps in annual fees (See: All Technology ETFs).
Why the Move?
The cloud computing corner of the broad stock market has been an area to watch lately, given rising demand. Cloud computing has been an important catalyst in technological advancement, offering efficient solutions to consumers and enterprises alike. Advancements in cloud tech like AI and cybersecurity have broadened cloud service applications, drawing in a wider customer demographic. Additionally, growing investments in cloud infrastructure have played a pivotal role in driving growth.
More Gains Ahead?
Currently, CLOU has a Zacks ETF Rank #1 (Strong Buy) and might continue its strong performance in the near term, with a positive weighted alpha of 34.21, which gives cues of a further rally.