Alger Concentrated Equity ETF (NYSEARCA:CNEQ) Sees Large Increase in Short Interest

Alger Concentrated Equity ETF (NYSEARCA:CNEQ) was the target of a large increase in short interest in August. As of August 14th, there was short interest totaling 415,348 shares, an increase of 76.1% from the July 30th total of 235,876 shares. Currently, 1.7% of the company’s stock are short sold. Based on an average daily volume of 127,566 shares, the short-interest ratio is currently 3.3 days.

Hedge Funds Weigh In On Alger Concentrated Equity ETF

Several institutional investors and hedge funds have recently added to or reduced their stakes in CNEQ. Orion Porfolio Solutions LLC purchased a new position in shares of Alger Concentrated Equity ETF in the 2nd quarter worth approximately $3,947,000. Osaic Holdings Inc. lifted its holdings in shares of Alger Concentrated Equity ETF by 114.5% during the 2nd quarter. Osaic Holdings Inc. now owns 2,445 shares of the company’s stock valued at $73,000 after purchasing an additional 1,305 shares during the last quarter. Raymond James Financial Inc. boosted its holdings in Alger Concentrated Equity ETF by 315.5% in the third quarter. Raymond James Financial Inc. now owns 153,250 shares of the company’s stock worth $5,389,000 after acquiring an additional 116,369 shares in the last quarter. Prosperity Financial Group Inc. acquired a new stake in Alger Concentrated Equity ETF in the third quarter worth about $221,000. Finally, NewEdge Advisors LLC purchased a new stake in shares of Alger Concentrated Equity ETF during the third quarter worth about $4,908,000.

Alger Concentrated Equity ETF Stock Performance

CNEQ opened at $39.66 on Monday. The company has a market capitalization of $993.88 million, a price-to-earnings ratio of 35.92 and a beta of 1.75. Alger Concentrated Equity ETF has a 12-month low of $29.47 and a 12-month high of $42.15. The business’s fifty day simple moving average is $39.57 and its 200-day simple moving average is $37.09.

About Alger Concentrated Equity ETF

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.