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Social Media ETF (SOCL) Hits New 52-Week High
For investors seeking momentum, Global X Social Media Index ETF (SOCL - Free Report) is probably on radar now. The fund just hit a 52-week high, which is up roughly 51.3% from its 52-week low price of $15.20/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.
SOCL in Focus
SOCL focuses on the social media segment of the technology sector, with a tilt toward large-cap stocks. SOCL charges investors 65 basis points a year in fees and has top holdings in Facebook, Twitter and Tencent Holdings (see all technology ETFs here).
Why the Move?
Better-than-expected earnings from several players in the social media space like what we see in this fund’s portfolio have favored the fund. Also, the ongoing Rio Olympics has played a great role in pushing social media stocks higher. For example, Twitter and Facebook announced a set of new features specifically for the Games,putting this social media ETF in focus.
More Gains Ahead?
Currently, SOCL has a Zacks ETF Rank #3 (Hold) so it is hard to oversee its future returns one way or another. However, the fund has a positive weighted alpha of 31.41. A positive weighted alpha hints at more gains.
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