Alger Concentrated Equity ETF (NYSEARCA:CNEQ – Get Free Report) saw a significant growth in short interest in August. As of August 14th, there was short interest totaling 415,348 shares, a growth of 76.1% from the July 30th total of 235,876 shares. Based on an average daily volume of 127,566 shares, the short-interest ratio is currently 3.3 days. Approximately 1.7% of the shares of the stock are short sold.
Institutional Inflows and Outflows
A number of hedge funds have recently bought and sold shares of CNEQ. Allworth Financial LP bought a new stake in shares of Alger Concentrated Equity ETF during the fourth quarter worth $58,000. Steward Partners Investment Advisory LLC boosted its holdings in Alger Concentrated Equity ETF by 188.5% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,875 shares of the company’s stock valued at $64,000 after acquiring an additional 1,225 shares during the last quarter. Osaic Holdings Inc. increased its position in Alger Concentrated Equity ETF by 114.5% in the second quarter. Osaic Holdings Inc. now owns 2,445 shares of the company’s stock worth $73,000 after purchasing an additional 1,305 shares during the period. Prosperity Financial Group Inc. acquired a new stake in Alger Concentrated Equity ETF in the third quarter worth about $221,000. Finally, Rubicon Advisors GP acquired a new stake in Alger Concentrated Equity ETF in the fourth quarter worth about $259,000.
Alger Concentrated Equity ETF Trading Down 0.5%
Shares of CNEQ traded down $0.20 during mid-day trading on Tuesday, hitting $39.29. 37,241 shares of the company traded hands, compared to its average volume of 185,847. Alger Concentrated Equity ETF has a one year low of $29.47 and a one year high of $42.15. The business has a 50-day moving average of $39.54 and a 200 day moving average of $37.13. The stock has a market capitalization of $984.61 million, a price-to-earnings ratio of 35.92 and a beta of 1.75.
Alger Concentrated Equity ETF Company Profile
The Alger Concentrated Equity ETF (CNEQ) is an exchange-traded fund that mostly invests in large cap equity. The fund is actively managed, targeting large-cap companies with high growth potential. The fund maintains a concentrated portfolio of no more than 30 stocks, seeking long-term captial appreciation CNEQ was launched on Apr 4, 2024 and is issued by Alger.
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