VanEck Steel ETF (NYSEARCA:SLX) Sees Large Growth in Short Interest

VanEck Steel ETF (NYSEARCA:SLX) was the target of a large growth in short interest in September. As of September 15th, there was short interest totaling 60,000 shares, a growth of 277.4% from the August 31st total of 15,900 shares. Based on an average daily volume of 24,900 shares, the days-to-cover ratio is currently 2.4 days. Based on an average daily volume of 24,900 shares, the days-to-cover ratio is currently 2.4 days.

VanEck Steel ETF Price Performance

SLX opened at $74.36 on Friday. The company’s 50 day simple moving average is $70.70 and its two-hundred day simple moving average is $65.96. VanEck Steel ETF has a 1-year low of $51.69 and a 1-year high of $74.93. The firm has a market capitalization of $92.95 million, a price-to-earnings ratio of 14.09 and a beta of 1.35.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Bank of America Corp DE lifted its stake in VanEck Steel ETF by 39.6% in the 4th quarter. Bank of America Corp DE now owns 15,828 shares of the exchange traded fund’s stock worth $925,000 after purchasing an additional 4,493 shares in the last quarter. LPL Financial LLC lifted its stake in VanEck Steel ETF by 44.6% in the 1st quarter. LPL Financial LLC now owns 21,673 shares of the exchange traded fund’s stock worth $1,333,000 after purchasing an additional 6,681 shares in the last quarter. WT Wealth Management purchased a new position in VanEck Steel ETF in the 2nd quarter worth approximately $722,000. Finally, Private Wealth Asset Management LLC purchased a new position in VanEck Steel ETF in the 2nd quarter worth approximately $26,000.

About VanEck Steel ETF

Market Vectors Steel ETF (the Fund) seeks to replicate as closely as possible the price and yield performance of the NYSE Arca Steel Index (STEEL or the Index) by investing in a portfolio of securities that generally replicates STEEL. STEEL, calculated by the NYSE Alternext, is a modified market capitalization-weighted index consisting of publicly traded companies predominantly involved in the production of steel products or mining and processing of iron ore.