Invesco NASDAQ Internet ETF (NASDAQ:PNQI) Reaches New 12-Month High – Should You Buy?

Invesco NASDAQ Internet ETF (NASDAQ:PNQI) shares hit a new 52-week high during trading on Tuesday . The company traded as high as $46.77 and last traded at $46.71, with a volume of 7948 shares traded. The stock had previously closed at $46.19.

Invesco NASDAQ Internet ETF Stock Performance

The business has a 50-day moving average price of $43.16 and a 200 day moving average price of $41.28. The stock has a market capitalization of $837.03 million, a P/E ratio of 8.95 and a beta of 1.15.

Hedge Funds Weigh In On Invesco NASDAQ Internet ETF

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PNQI. Janney Montgomery Scott LLC bought a new position in Invesco NASDAQ Internet ETF in the 1st quarter valued at approximately $202,000. US Bancorp DE boosted its stake in shares of Invesco NASDAQ Internet ETF by 3.7% in the 1st quarter. US Bancorp DE now owns 16,090 shares of the company’s stock worth $642,000 after buying an additional 575 shares during the last quarter. Avantax Advisory Services Inc. boosted its stake in shares of Invesco NASDAQ Internet ETF by 27.9% in the 1st quarter. Avantax Advisory Services Inc. now owns 28,709 shares of the company’s stock worth $1,145,000 after buying an additional 6,258 shares during the last quarter. Ironwood Investment Counsel LLC boosted its stake in shares of Invesco NASDAQ Internet ETF by 8.1% in the 1st quarter. Ironwood Investment Counsel LLC now owns 10,673 shares of the company’s stock worth $426,000 after buying an additional 803 shares during the last quarter. Finally, Prudent Investors Network Inc. purchased a new position in shares of Invesco NASDAQ Internet ETF in the 1st quarter worth $399,000.

About Invesco NASDAQ Internet ETF

The Invesco NASDAQ Internet ETF (PNQI) is an exchange-traded fund that is based on the NASDAQ Internet index, a modified-market-cap-weighted index of Internet companies listed in the US. PNQI was launched on Jun 12, 2008 and is managed by Invesco.