Drive Wealth Management LLC has increased its holdings in the SPDR S&P 400 Mid Cap Growth ETF (NYSEARCA:MDYG) by 3.5% during the second quarter of 2023. This information was disclosed in a recent filing with the Securities & Exchange Commission. Following the acquisition of an additional 142 shares, Drive Wealth Management now owns a total of 4,220 shares valued at approximately $367,000.
Several other institutional investors have also adjusted their positions in the SPDR S&P 400 Mid Cap Growth ETF, indicating increased interest in this investment vehicle. For instance, Citigroup Inc. raised its stake by 17.3% in the first quarter, acquiring an additional 408,202 shares. This brings its total ownership to 2,770,535 shares, valued at around $220.1 million.
In a similar vein, Envestnet Asset Management Inc. increased its position by 23.6%, owning 769,747 shares worth approximately $61.2 million after acquiring 146,818 shares. Meanwhile, Clark Capital Management Group Inc. raised its holdings by an impressive 75.4%, now controlling 297,524 shares valued at about $23.6 million.
Furthermore, AE Wealth Management LLC expanded its stake by 13.2%, owning 731,438 shares worth around $58.1 million, while LPL Financial LLC increased its position by 4.0%, now holding 1,825,628 shares valued at approximately $145.1 million.
Current Performance of SPDR S&P 400 Mid Cap Growth ETF
As of the latest trading session, the SPDR S&P 400 Mid Cap Growth ETF opened at $91.32, reflecting a 1.1% increase. The ETF has experienced a 52-week range, with a low of $68.59 and a high of $95.51. Its fifty-day moving average stands at $91.07, while the two-hundred day moving average is $86.43.
The ETF has a market capitalization of $2.42 billion, a price-to-earnings (P/E) ratio of 22.35, and a beta value of 1.09, indicating its volatility in comparison to the broader market.
The SPDR S&P 400 Mid Cap Growth ETF aims to closely match the returns and characteristics of the S&P Mid Cap 400 Growth Index. This index tracks the performance of mid-capitalization growth stocks within the United States equity market, focusing on companies exhibiting strong growth characteristics based on factors such as sales growth, earnings change to price, and momentum.
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