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Lithium & Battery Tech ETF (LIT) Hits New 52-Week High
Investors seeking momentum may have Global X Lithium & Battery Tech ETF (LIT - Free Report) on radar now. The fund recently hit a new 52-week high. Shares of LIT are up approximately 115.3% from their 52-week low of $42.69/share.
But could there be more gains ahead for this ETF? Let’s take a look at the fund and the near-term outlook to get a better idea of where it might be headed.
LIT In Focus
The underlying Solactive Global Lithium Index tracks the performance of the largest and most liquid listed companies that are active in the exploration and/ or mining of Lithium or the production of Lithium batteries. The fund charges 75 bps in fees.
Why The Move?
Lithium prices have been soaring on the back of heavy demand for lithium batteries, which is used in electric vehicles. With the electric vehicle maker Tesla’s popularity going higher, the fund LIT had every reason to jump.
More Gains Ahead?
The fund has a positive weighted alpha of 85.25. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.