Alger Concentrated Equity ETF (NYSEARCA:CNEQ) Short Interest Up 67.8% in July

Alger Concentrated Equity ETF (NYSEARCA:CNEQ) was the recipient of a large increase in short interest in July. As of July 15th, there was short interest totaling 241,912 shares, an increase of 67.8% from the June 30th total of 144,173 shares. Approximately 1.1% of the shares of the company are short sold. Based on an average daily volume of 156,051 shares, the days-to-cover ratio is currently 1.6 days.

Alger Concentrated Equity ETF Stock Performance

Shares of NYSEARCA:CNEQ traded up $0.45 during midday trading on Friday, reaching $38.43. 68,905 shares of the company’s stock traded hands, compared to its average volume of 185,340. Alger Concentrated Equity ETF has a 1 year low of $29.47 and a 1 year high of $42.15. The company has a market cap of $922.32 million, a P/E ratio of 35.92 and a beta of 1.71. The company has a fifty day simple moving average of $39.83 and a two-hundred day simple moving average of $36.28.

Hedge Funds Weigh In On Alger Concentrated Equity ETF

Large investors have recently made changes to their positions in the stock. LPL Financial LLC boosted its holdings in Alger Concentrated Equity ETF by 132.5% in the fourth quarter. LPL Financial LLC now owns 1,075,771 shares of the company’s stock valued at $36,985,000 after purchasing an additional 613,133 shares during the period. Sanchez Wealth Management Group purchased a new position in Alger Concentrated Equity ETF during the 4th quarter worth approximately $7,399,000. Brookwood Investment Group LLC acquired a new position in shares of Alger Concentrated Equity ETF in the 4th quarter valued at $6,816,000. NewEdge Advisors LLC purchased a new stake in shares of Alger Concentrated Equity ETF in the third quarter valued at about $4,908,000. Finally, Orion Porfolio Solutions LLC purchased a new stake in Alger Concentrated Equity ETF during the 2nd quarter valued at approximately $3,947,000.

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.