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Video Gaming ETF (GAMR) Hits New 52-Week High
Investors seeking momentum may have Amplify Video Game Tech ETF (GAMR - Free Report) on radar now. The fund recently hit a new 52-week high. Shares of GAMR are up approximately 29.1% from their 52-week low of $50.04/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.
GAMR In Focus
The underlying EEFund Video Game Tech Index tracks companies actively involved in the electronic gaming industry including the entertainment, education and simulation segments. The fund charges 75 bps in fees.
Why The Move?
The latest rally in GAMR happened due to the sudden surge in GameStop stock. GameStop surged 179% in the past two days. GameStop has about 3% weight in the fund.
More Gains Ahead?
The fund has a positive weighted alpha of 10.55. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further. However, one should not rely in the meme mania happening around GameStop stock and target GAMR. Meme mania normally doesn’t stay long.