The Invesco BuyBack Achievers ETF (NASDAQ: PKW) experienced a notable increase in short interest as of December 15, 2023. Short interest reached a total of 28,800 shares, marking a substantial rise of 82.4% from the previous month’s total of 15,791 shares. Given an average daily trading volume of 22,705 shares, the days-to-cover ratio currently stands at 1.3 days, indicating heightened bearish sentiment among investors.
Institutional Investors Adjust Positions
Recent adjustments by institutional investors reveal a mixed bag of strategies concerning the Invesco BuyBack Achievers ETF. MAI Capital Management increased its stake by 1.5% during the first quarter, now holding 5,655 shares valued at approximately $637,000. Meanwhile, Integrated Wealth Concepts LLC raised its holdings by 9.0%, bringing its total to 4,148 shares worth about $467,000.
In a more aggressive move, NewEdge Advisors LLC boosted its position by an impressive 172.7%, acquiring an additional 15,304 shares to reach a total of 24,164 shares valued at $2.72 million. Other notable entries include Jane Street Group LLC and Belpointe Asset Management LLC, which established new stakes valued at $417,000 and $1.067 million, respectively.
Current Performance and Market Metrics
As of the latest trading session, shares of the Invesco BuyBack Achievers ETF opened at $135.62, experiencing a slight decline of 0.6%. Over the past year, the ETF has fluctuated significantly, with a low of $96.10 and a high of $136.88. The firm maintains a market capitalization of $1.54 billion, a price-to-earnings ratio of 15.13, and a beta of 1.05, indicating a moderate level of volatility relative to the market.
In recent developments, the ETF has also announced a reduction in its dividend, a decision that investors will be monitoring closely in light of the recent trading trends and institutional shifts.
The Invesco BuyBack Achievers ETF aims to replicate the performance of the Share BuyBack Achievers Index, which tracks companies that have repurchased at least 5% of their outstanding shares in the past twelve months. This focus on share buybacks has been a strategy employed by many firms to enhance shareholder value.
Investors and analysts alike will continue to observe how these changes in short interest and institutional ownership affect the ETF’s future performance in the increasingly competitive market landscape.
