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Solar ETF (TAN) Hits New 52-Week High

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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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