Alger AI Enablers & Adopters ETF (NYSEARCA:ALAI) Sets New 1-Year High – Still a Buy?

Alger AI Enablers & Adopters ETF (NYSEARCA:ALAI) shares hit a new 52-week high during trading on Monday . The stock traded as high as $46.89 and last traded at $46.89, with a volume of 33473 shares traded. The stock had previously closed at $45.73.

Alger AI Enablers & Adopters ETF Trading Up 2.6%

The stock has a market cap of $1.34 billion, a P/E ratio of 29.71 and a beta of 1.92. The business has a 50-day simple moving average of $44.38 and a 200 day simple moving average of $41.58.

Institutional Trading of Alger AI Enablers & Adopters ETF

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ALAI. XML Financial LLC acquired a new stake in shares of Alger AI Enablers & Adopters ETF during the first quarter worth $207,000. Sankala Group LLC acquired a new position in Alger AI Enablers & Adopters ETF in the fourth quarter valued at $333,000. Integrated Wealth Concepts LLC lifted its holdings in Alger AI Enablers & Adopters ETF by 5.9% in the second quarter. Integrated Wealth Concepts LLC now owns 10,125 shares of the company’s stock valued at $462,000 after buying an additional 565 shares during the period. Rubicon Advisors GP bought a new stake in Alger AI Enablers & Adopters ETF during the fourth quarter valued at $366,000. Finally, Thoroughbred Financial Services LLC grew its holdings in Alger AI Enablers & Adopters ETF by 17.1% during the 4th quarter. Thoroughbred Financial Services LLC now owns 22,487 shares of the company’s stock worth $812,000 after acquiring an additional 3,281 shares during the period.

About Alger AI Enablers & Adopters ETF

The Alger AI Enablers & Adopters ETF (ALAI) is an exchange-traded fund that mostly invests in stocks based on a particular theme. The fund is actively managed, investing in firms benefiting from developing, integrating or enabling artificial intelligence (AI) technology. The fund seeks long-term capital growth through fundamental research ALAI was launched on Apr 4, 2024 and is issued by Alger.