AltShares Merger Arbitrage ETF (NYSEARCA:ARB) Shares Climb 0.2% – Here’s Why

AltShares Merger Arbitrage ETF (NYSEARCA:ARB) shares were up 0.2% during trading on Thursday. The company traded as high as $30.23 and last traded at $30.11. 18,248 shares traded hands during trading, an increase of 12% from the average session volume of 16,335 shares. The stock had previously closed at $30.06.

AltShares Merger Arbitrage ETF Price Performance

The stock has a market capitalization of $110.11 million, a PE ratio of 15.34 and a beta of 0.05. The firm has a fifty day moving average price of $29.90 and a two-hundred day moving average price of $29.54.

Institutional Trading of AltShares Merger Arbitrage ETF

A number of hedge funds and other institutional investors have recently bought and sold shares of ARB. Allworth Financial LP grew its holdings in shares of AltShares Merger Arbitrage ETF by 34.8% in the second quarter. Allworth Financial LP now owns 3,815 shares of the company’s stock worth $113,000 after purchasing an additional 985 shares during the last quarter. Royal Bank of Canada lifted its holdings in AltShares Merger Arbitrage ETF by 66.9% during the 1st quarter. Royal Bank of Canada now owns 6,656 shares of the company’s stock valued at $196,000 after buying an additional 2,667 shares in the last quarter. Apollon Wealth Management LLC bought a new stake in AltShares Merger Arbitrage ETF during the 1st quarter valued at about $549,000. Bank of America Corp DE boosted its position in AltShares Merger Arbitrage ETF by 4.0% in the 1st quarter. Bank of America Corp DE now owns 29,637 shares of the company’s stock valued at $869,000 after buying an additional 1,128 shares during the period. Finally, Cetera Investment Advisers boosted its position in AltShares Merger Arbitrage ETF by 8.8% in the 1st quarter. Cetera Investment Advisers now owns 53,975 shares of the company’s stock valued at $1,583,000 after buying an additional 4,384 shares during the period. Hedge funds and other institutional investors own 94.63% of the company’s stock.

AltShares Merger Arbitrage ETF Company Profile

The AltShares Merger Arbitrage ETF (ARB) is an exchange-traded fund that mostly invests in long\u002Fshort alternatives. The fund tracks a global USD-hedged index that uses a merger arbitrage strategy by providing long exposure to takeover targets and short exposure the acquiring company. ARB was launched on May 7, 2020 and is managed by Altshares.