VanEck Africa Index ETF (NYSEARCA:AFK) Sees Large Increase in Short Interest

VanEck Africa Index ETF (NYSEARCA:AFK) was the recipient of a large increase in short interest in the month of May. As of May 29th, there was short interest totaling 55,133 shares, an increase of 106.4% from the May 14th total of 26,708 shares. Approximately 1.2% of the company’s shares are sold short. Based on an average daily trading volume, of 112,388 shares, the days-to-cover ratio is presently 0.5 days.

VanEck Africa Index ETF Price Performance

Shares of AFK stock traded up $0.63 during trading on Monday, hitting $27.50. 12,497 shares of the stock traded hands, compared to its average volume of 86,503. The firm has a market capitalization of $123.75 million, a P/E ratio of 11.91 and a beta of 0.71. The firm’s fifty day moving average price is $27.30 and its 200-day moving average price is $27.20. VanEck Africa Index ETF has a 52-week low of $19.00 and a 52-week high of $30.85.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in AFK. Raymond James Financial Inc. acquired a new position in VanEck Africa Index ETF during the second quarter worth $110,000. Orion Porfolio Solutions LLC acquired a new position in VanEck Africa Index ETF during the second quarter worth $264,000. Wealthfront Advisers LLC acquired a new position in VanEck Africa Index ETF during the third quarter worth $227,000. Pekin Hardy Strauss Inc. acquired a new position in VanEck Africa Index ETF during the third quarter worth $311,000. Finally, Barometer Capital Management Inc. acquired a new position in VanEck Africa Index ETF during the third quarter worth $139,000.

About VanEck Africa Index ETF

The VanEck Africa Index ETF (AFK) is an exchange-traded fund that is based on the MVIS GDP Africa index, a GDP and market-cap-weighted index of companies generating a majority of their revenues in Africa. AFK was launched on Jul 10, 2008 and is managed by VanEck.