Renaissance IPO ETF (NYSEARCA:IPO) Trading 1% Higher – Still a Buy?

Renaissance IPO ETF (NYSEARCA:IPO) shares were up 1% on Thursday . The company traded as high as $45.50 and last traded at $45.42. Approximately 9,428 shares were traded during mid-day trading, a decline of 51% from the average daily volume of 19,303 shares. The stock had previously closed at $44.95.

Renaissance IPO ETF Stock Performance

The stock’s 50 day moving average price is $45.38 and its 200-day moving average price is $43.05. The company has a market cap of $206.87 million, a PE ratio of 44.34 and a beta of 1.70.

Institutional Investors Weigh In On Renaissance IPO ETF

Hedge funds and other institutional investors have recently modified their holdings of the stock. Main Management ETF Advisors LLC increased its stake in Renaissance IPO ETF by 0.8% in the 2nd quarter. Main Management ETF Advisors LLC now owns 365,660 shares of the company’s stock worth $14,740,000 after purchasing an additional 2,820 shares during the period. Tradition Wealth Management LLC grew its holdings in shares of Renaissance IPO ETF by 1.0% in the third quarter. Tradition Wealth Management LLC now owns 133,726 shares of the company’s stock worth $5,734,000 after purchasing an additional 1,367 shares during the last quarter. Cetera Investment Advisers increased its stake in shares of Renaissance IPO ETF by 17.0% in the second quarter. Cetera Investment Advisers now owns 67,574 shares of the company’s stock worth $2,724,000 after buying an additional 9,834 shares during the period. Jane Street Group LLC raised its holdings in Renaissance IPO ETF by 44.8% during the 3rd quarter. Jane Street Group LLC now owns 40,280 shares of the company’s stock valued at $1,727,000 after buying an additional 12,456 shares during the last quarter. Finally, Dynamic Advisor Solutions LLC raised its holdings in Renaissance IPO ETF by 14.5% during the 3rd quarter. Dynamic Advisor Solutions LLC now owns 12,012 shares of the company’s stock valued at $515,000 after buying an additional 1,525 shares during the last quarter.

Renaissance IPO ETF Company Profile

The Renaissance IPO ETF (IPO) is an exchange-traded fund that is based on the FTSE Renaissance IPO index. The fund tracks a market cap-weighted index of recent US-listed IPOs. The fund acquires issues within 90 days or sooner after IPO and sells after 3 years. IPO was launched on Oct 14, 2013 and is managed by Renaissance.