Short interest in the Invesco AI and Next Gen Software ETF (NYSEARCA:IGPT) experienced a significant increase of 50.7% in December 2023. As of December 15, the total short interest reached 14,598 shares, up from 9,685 shares as of November 30. This rise indicates that approximately 0.1% of the ETF’s outstanding stock is currently sold short.
The days-to-cover ratio, which estimates how many days it would take to cover all short positions based on average trading volume, stands at 0.4 days. This figure is derived from an average daily trading volume of 40,599 shares, suggesting that short sellers are actively engaging with the ETF.
Trading Performance and Market Insights
During midday trading on Tuesday, shares of the Invesco AI ETF rose by 0.4%, reaching a price of $60.22. The trading volume for the day totaled 75,347 shares, significantly higher than the average volume of 56,101 shares. The ETF has a 50-day moving average price of $58.58 and a 200-day moving average price of $53.93. Over the past year, the ETF has fluctuated between a 52-week low of $33.80 and a 52-week high of $61.81. Its market capitalization currently stands at $650.38 million, with a price-to-earnings (P/E) ratio of 28.76 and a beta of 1.13.
Several institutional investors have adjusted their positions in the Invesco AI and Next Gen Software ETF recently. Notably, Northwestern Mutual Wealth Management Co. increased its holdings by 15.7% during the first quarter, now owning 9,586 shares valued at approximately $388,000. Additionally, Jane Street Group LLC acquired a new stake valued at around $2,152,000, while Orser Capital Management LLC invested approximately $1,466,000 in the second quarter. Other notable investors include Focus Financial Network Inc. and Park Avenue Securities LLC, which also purchased new stakes in the ETF.
Understanding the Invesco AI ETF
The Invesco AI and Next Gen Software ETF (IGPT) is designed to invest primarily in information technology equities. The fund tracks an index composed of companies that derive over 50% of their revenue from the emerging media industry. This diverse range allows it to include firms from various market caps and geographical locations. The ETF was launched on June 23, 2005, under the management of Invesco.
As interest in technology-focused investments grows, movements in ETFs like the Invesco AI and Next Gen Software ETF can indicate broader market trends. Investors are closely monitoring these developments as they navigate the evolving landscape of technology and artificial intelligence.
