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Technology ETF (VGT) Hits New 52-Week High
For investors seeking momentum, Vanguard Information Technology ETF (VGT - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 49.4% from its 52-week low price of $408.43/share.
But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed:
VGT in Focus
iShares Expanded Tech Sector ETF offers exposure to U.S. technology software and services, technology hardware and equipment, and semiconductor and semiconductor equipment manufacturers. It has key holdings in semiconductors, systems software, technology hardware, storage & peripheral and application software. VGT charges 10 bps in annual fees. (see: all the Technology ETFs here).
Why the Move?
The technology sector has been an area to watch lately as investors bet on strong earnings from corporate heavyweights. Google’s parent company Alphabet (GOOGL - Free Report) reported forecast-beating earnings for the third quarter. The other four big tech titans — Meta Platform (META - Free Report) , Microsoft (MSFT - Free Report) , Apple (AAPL - Free Report) , and Amazon (AMZN - Free Report) — are also set to report over the next couple of days.
More Gains Ahead?
Currently, VGT has a Zacks ETF Rank #1 (Strong Buy) with a Medium risk outlook, suggesting that the outperformance could continue in the months ahead. However, many spaces that make up this ETF have a strong Zacks Industry Rank. So, there is definitely some promise for those who want to ride this surging ETF a little further.