iShares Copper and Metals Mining ETF (NASDAQ:ICOP) Trading Down 2.3% – Time to Sell?

iShares Copper and Metals Mining ETF (NASDAQ:ICOP)’s stock price dropped 2.3% during trading on Tuesday . The company traded as low as $27.88 and last traded at $28.22. Approximately 30,579 shares changed hands during mid-day trading, an increase of 27% from the average daily volume of 24,095 shares. The stock had previously closed at $28.87.

iShares Copper and Metals Mining ETF Stock Down 2.3 %

The firm has a market capitalization of $32.45 million, a price-to-earnings ratio of -10.04 and a beta of 1.04. The business has a 50-day moving average price of $30.02 and a 200-day moving average price of $30.21.

Institutional Investors Weigh In On iShares Copper and Metals Mining ETF

Hedge funds and other institutional investors have recently modified their holdings of the company. Bright Futures Wealth Management LLC. purchased a new stake in shares of iShares Copper and Metals Mining ETF in the first quarter valued at about $972,000. Sunbelt Securities Inc. purchased a new stake in iShares Copper and Metals Mining ETF during the second quarter worth about $289,000. WT Wealth Management acquired a new position in iShares Copper and Metals Mining ETF during the third quarter worth about $225,000. Finally, Glass Jacobson Investment Advisors llc raised its position in iShares Copper and Metals Mining ETF by 80.6% during the second quarter. Glass Jacobson Investment Advisors llc now owns 1,806 shares of the company’s stock worth $54,000 after acquiring an additional 806 shares during the last quarter. 1.35% of the stock is currently owned by institutional investors and hedge funds.

iShares Copper and Metals Mining ETF Company Profile

The iShares Copper and Metals Mining ETF (ICOP) is an exchange-traded fund that mostly invests in materials equity. The fund tracks a market-capitalization weighted index composed of stocks of copper and metal ore mining companies globally. Stocks are quantitatively screened to identify stocks with significant revenue tied to this space ICOP was launched on Jun 21, 2023 and is managed by BlackRock.