Envestnet Asset Management Inc. Buys New Position in Alger Concentrated Equity ETF $CNEQ

Envestnet Asset Management Inc. bought a new position in shares of Alger Concentrated Equity ETF (NYSEARCA:CNEQ) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 26,534 shares of the company’s stock, valued at approximately $788,000.

A number of other hedge funds have also added to or reduced their stakes in CNEQ. Janney Montgomery Scott LLC bought a new position in shares of Alger Concentrated Equity ETF during the 2nd quarter worth approximately $239,000. Truist Financial Corp bought a new stake in shares of Alger Concentrated Equity ETF in the 2nd quarter valued at $842,000. Castle Rock Wealth Management LLC lifted its position in shares of Alger Concentrated Equity ETF by 152.9% during the 2nd quarter. Castle Rock Wealth Management LLC now owns 85,622 shares of the company’s stock valued at $2,617,000 after acquiring an additional 51,761 shares during the period. Finally, Onyx Bridge Wealth Group LLC boosted its stake in Alger Concentrated Equity ETF by 9.3% during the second quarter. Onyx Bridge Wealth Group LLC now owns 42,696 shares of the company’s stock worth $1,268,000 after acquiring an additional 3,636 shares in the last quarter.

Alger Concentrated Equity ETF Stock Performance

NYSEARCA:CNEQ opened at $32.73 on Friday. Alger Concentrated Equity ETF has a 12 month low of $19.33 and a 12 month high of $36.98. The stock has a market capitalization of $166.60 million, a price-to-earnings ratio of 35.92 and a beta of 1.76. The firm has a fifty day simple moving average of $34.89 and a two-hundred day simple moving average of $31.49.

Alger Concentrated Equity ETF 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.