Technology ETF (IGM) Hits New 52-Week High
This technology ETF hits a new 52-week high. Are more gains in store for this ETF?
For investors seeking momentum, iShares Expanded Tech Sector ETF IGM is probably on radar now. The fund just hit a 52-week high, and is up roughly 48% from its 52-week low price of $290.44/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:
IGM in Focus
This fund offers broad exposure to the technology sector, and technology-related companies in the communication services and consumer discretionary sectors. It has key holdings in interactive media & services, semiconductors, systems software, application software, and data processing & outsourced services. The product charges 43 bps in fees per year (see: all the Technology ETFs here).
Why the Move?
The technology corner of the broad U.S. stock market has been an area to watch lately given that the tech-laden Nasdaq is hitting record highs. Most of the rally has been powered by renewed buying in the high-growth tech giants on easing of tapering fears as well as optimism over a sustained economic recovery.
More Gains Ahead?
Currently, IGM has a Zacks ETF Rank #3 (Hold) with a Medium risk outlook. Therefore, it is hard to get a handle on its future returns one way or the other. However, many of the segments that make up this ETF have a strong Zacks Industry Rank. So, there is definitely some promise for those who want to ride this surging ETF a little further.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market.
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iShares Expanded Tech Sector ETF (IGM): ETF Research Reports
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