Alger Concentrated Equity ETF (NYSEARCA:CNEQ) Stock Short Interest Climbs 134.9%

Alger Concentrated Equity ETF (NYSEARCA:CNEQ) saw a large growth in short interest in the month of October. As of October 15th, there was short interest totaling 311,511 shares, a growth of 134.9% from the September 30th total of 132,591 shares. Based on an average daily volume of 324,969 shares, the days-to-cover ratio is currently 1.0 days. Approximately 0.2% of the company’s shares are sold short.

Alger Concentrated Equity ETF Stock Performance

NYSEARCA CNEQ traded down $1.45 during trading on Friday, hitting $37.14. The stock had a trading volume of 323,489 shares, compared to its average volume of 193,948. Alger Concentrated Equity ETF has a one year low of $29.47 and a one year high of $42.15. The stock has a 50 day simple moving average of $39.76 and a 200 day simple moving average of $37.41. The stock has a market capitalization of $6.97 billion, a price-to-earnings ratio of 35.92 and a beta of 1.72.

Institutional Investors Weigh In On Alger Concentrated Equity ETF

Institutional investors and hedge funds have recently modified their holdings of the business. IFP Advisors Inc purchased a new stake in Alger Concentrated Equity ETF in the 2nd quarter valued at about $78,000. Allworth Financial LP increased its position in shares of Alger Concentrated Equity ETF by 269.3% during the second quarter. Allworth Financial LP now owns 6,278 shares of the company’s stock worth $259,000 after acquiring an additional 4,578 shares during the period. Weaver Consulting Group purchased a new position in shares of Alger Concentrated Equity ETF during the third quarter worth approximately $282,000. Chemistry Wealth Management LLC bought a new stake in shares of Alger Concentrated Equity ETF during the third quarter valued at approximately $294,000. Finally, Wavvest Wealth LLC bought a new stake in shares of Alger Concentrated Equity ETF during the third quarter valued at approximately $304,000.

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.