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Renaissance IPO ETF (IPO) - free report >>
Levi Strauss & Co. (LEVI) - free report >>
Lyft, Inc. (LYFT) - free report >>
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IPO ETF (IPO) Hits New 52-Week High
For investors seeking momentum, Renaissance IPO ETF (IPO - Free Report) is probably on radar now. The fund just hit a 52-week high, and is up 46.5% from its 52-week low price of $21.63 per 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:
IPO in Focus
This fund provides exposure to the largest and most-liquid newly listed companies by tracking the Renaissance IPO Index. New companies seek inclusion on a fast entry basis on the fifth day of trading. The fund has key holdings in technology and consumer services. It charges investors 60 basis points a year in fees (see: all the All Cap Growth ETFs here).
Why the Move?
The IPO market has been an area to watch lately given the slew of hot and sizzling public offerings like Levi Strauss (LEVI - Free Report) , Lyft (LYFT - Free Report) , Pinterest (PINS - Free Report) , Zoom Video Communications (ZM - Free Report) and Beyond Meat Inc BYND.
More Gains Ahead?
It seems that IPO might remain strong given a higher weighted alpha of 16.70% and a low risk as depicted by the 20-day volatility of 13.80%. As a result, there is definitely still some promise for investors, who want to ride on this surging ETF a little further.
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