Lithium & Battery Tech (LIT) ETF hits new 52-week high
IInvestors looking for momentum may have Global X Lithium & Battery Tech FNB LIT on radar now. The fund recently hit a new 52 week high. LIT shares are up about 115.3% from their 52-week low at $ 42.69 / share.
But could there be more earnings ahead for this ETF? Let’s take a look at the fund and the near-term outlook to get a better idea of ââwhere it might go.
LIT in brief
The underlying Solactive Global Lithium Index tracks the performance of the largest and most liquid listed companies that are active in lithium exploration and / or mining or lithium battery production. The fund charges 75 basis points in fees.
Why the move?
Lithium prices have skyrocketed due to the strong demand for lithium batteries, which are used in electric vehicles. With the growing popularity of electric vehicle maker Tesla, the LIT fund had every reason to jump.
More earnings to come?
The fund has a positive weighted alpha of 85.25. So, there are good prospects ahead for those who want to surf this growing ETF a little further.
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ETF Global X Lithium & Battery Tech (LIT): ETF Research Reports
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.