For investors seeking momentum, the T. Rowe Price Growth ETF (TGRT) is probably on the radar now. The fund just hit a 52-week high and is up 56.2% from its 52-week low price of $29.49 per share.
But, are there more gains in store for this ETF? Let’s take a quick look at the fund and its near-term outlook to get a better sense of where it might head.
TGRT in Focus
It is an actively managed fund offering exposure to typically large-cap companies with an above-average rate of earnings, cash flow growth, and a lucrative niche in the economy that give them the ability to sustain earnings momentum even during times of slow economic growth. The fund charges 38 basis points (bps) in annual fees (See: All Large Cap Growth ETFs here).
What Led to the Rise?
The TGRT fund has a high concentration in the rapidly growing technology sector, with the majority of the Magnificent Seven stocks in its top 10 holdings. As AI-powered growth continues to boost these high-growth tech stocks, TGRT’s recently released impressive third-quarter results likely drove the stock to a new 52-week high.
More Gains Ahead?
TGRT may continue its strong performance in the near term, with a positive weighted alpha of 32.18 (as per Barchart.com), which suggests a further rally.
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T. Rowe Price Growth ETF (TGRT): ETF Research ReportsThis article originally published on Zacks Investment Research (zacks.com).
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