Invesco S&P 500 Momentum ETF (NYSEARCA:SPMO) Sees Significant Increase in Short Interest

Invesco S&P 500 Momentum ETF (NYSEARCA:SPMO) was the target of a large growth in short interest in the month of June. As of June 15th, there was short interest totaling 971,986 shares, a growth of 107.5% from the May 31st total of 468,493 shares. Approximately 0.8% of the shares of the company are sold short. Based on an average daily volume of 2,496,231 shares, the days-to-cover ratio is currently 0.4 days.

Invesco S&P 500 Momentum ETF Stock Down 3.9%

Shares of NYSEARCA:SPMO traded down $6.22 during trading on Wednesday, hitting $155.32. 2,585,474 shares of the stock traded hands, compared to its average volume of 1,907,809. The company has a fifty day moving average price of $146.27 and a two-hundred day moving average price of $128.55. Invesco S&P 500 Momentum ETF has a 52-week low of $107.24 and a 52-week high of $162.30. The company has a market cap of $18.94 billion, a price-to-earnings ratio of 29.51 and a beta of 1.11.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. WealthPoint Financial LLC increased its stake in shares of Invesco S&P 500 Momentum ETF by 5.7% in the 1st quarter. WealthPoint Financial LLC now owns 17,063 shares of the company’s stock valued at $1,913,000 after purchasing an additional 920 shares in the last quarter. Redwood Investment Management LLC raised its holdings in Invesco S&P 500 Momentum ETF by 5.3% in the 1st quarter. Redwood Investment Management LLC now owns 656,268 shares of the company’s stock worth $73,574,000 after purchasing an additional 33,157 shares during the period. Midwest Financial Network LLC purchased a new position in Invesco S&P 500 Momentum ETF during the first quarter worth approximately $503,000. Parallel Advisors LLC boosted its position in Invesco S&P 500 Momentum ETF by 1,988.0% during the first quarter. Parallel Advisors LLC now owns 522 shares of the company’s stock worth $59,000 after purchasing an additional 497 shares in the last quarter. Finally, NewEdge Advisors LLC grew its holdings in Invesco S&P 500 Momentum ETF by 3.5% in the first quarter. NewEdge Advisors LLC now owns 141,030 shares of the company’s stock valued at $15,811,000 after purchasing an additional 4,783 shares during the period.

About Invesco S&P 500 Momentum ETF

The Invesco S&P 500 Momentum ETF (SPMO) is an exchange-traded fund that is based on the S&P 500 Momentum (US Dollar) index. The fund tracks an index of 100 S&P 500 components with the strongest volatility-adjusted momentum. SPMO was launched on Oct 9, 2015 and is managed by Invesco.