Invesco Dorsey Wright Momentum ETF (NASDAQ:PDP) Sets New 1-Year High – Still a Buy?

Invesco Dorsey Wright Momentum ETF (NASDAQ:PDP) reached a new 52-week high during mid-day trading on Friday . The company traded as high as $116.97 and last traded at $116.82, with a volume of 1662 shares. The stock had previously closed at $115.87.

Invesco Dorsey Wright Momentum ETF Price Performance

The stock has a market cap of $1.44 billion, a P/E ratio of 26.00 and a beta of 1.02. The stock’s 50 day simple moving average is $107.64 and its two-hundred day simple moving average is $101.31.

Hedge Funds Weigh In On Invesco Dorsey Wright Momentum ETF

Large investors have recently added to or reduced their stakes in the company. Cetera Investment Advisers grew its holdings in shares of Invesco Dorsey Wright Momentum ETF by 269.1% during the first quarter. Cetera Investment Advisers now owns 29,594 shares of the company’s stock worth $2,923,000 after buying an additional 21,577 shares in the last quarter. NewEdge Advisors LLC lifted its position in Invesco Dorsey Wright Momentum ETF by 20.2% during the 2nd quarter. NewEdge Advisors LLC now owns 104,402 shares of the company’s stock worth $10,217,000 after buying an additional 17,563 shares in the last quarter. Benjamin Edwards Inc. acquired a new position in shares of Invesco Dorsey Wright Momentum ETF during the 3rd quarter worth about $1,102,000. Raymond James & Associates boosted its stake in shares of Invesco Dorsey Wright Momentum ETF by 1.4% during the 3rd quarter. Raymond James & Associates now owns 595,138 shares of the company’s stock worth $61,454,000 after buying an additional 7,932 shares during the last quarter. Finally, Sanctuary Advisors LLC bought a new position in shares of Invesco Dorsey Wright Momentum ETF in the 2nd quarter valued at about $597,000.

About Invesco Dorsey Wright Momentum ETF

PowerShares DWA Technical Leaders Portfolio (the Fund) is based on the Dorsey Wright Technical Leaders Index (the Index). The Fund seeks investment results that generally correspond to the price and yield of the Index. The Fund will normally invest at least 90% of its total assets in securities that consists of the Index and American Depositary Receipts (ADRs) based on the securities in the Index.