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

VanEck Africa Index ETF (NYSEARCA:AFK) was the target of a significant growth in short interest in February. As of February 27th, there was short interest totaling 86,715 shares, a growth of 728.8% from the February 12th total of 10,463 shares. Currently, 1.7% of the shares of the stock are sold short. Based on an average daily volume of 76,240 shares, the days-to-cover ratio is currently 1.1 days. Based on an average daily volume of 76,240 shares, the days-to-cover ratio is currently 1.1 days. Currently, 1.7% of the shares of the stock are sold short.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Raymond James Financial Inc. bought a new position in VanEck Africa Index ETF in the second quarter valued at $110,000. Orion Porfolio Solutions LLC purchased a new position in shares of VanEck Africa Index ETF in the 2nd quarter worth about $264,000. Synergy Asset Management LLC purchased a new position in shares of VanEck Africa Index ETF in the 3rd quarter worth about $2,536,000. Wealthfront Advisers LLC bought a new position in shares of VanEck Africa Index ETF during the 3rd quarter valued at about $227,000. Finally, Pekin Hardy Strauss Inc. bought a new position in shares of VanEck Africa Index ETF during the 3rd quarter valued at about $311,000.

VanEck Africa Index ETF Price Performance

AFK stock traded down $0.54 during midday trading on Thursday, reaching $26.33. The company had a trading volume of 35,883 shares, compared to its average volume of 108,220. VanEck Africa Index ETF has a 1 year low of $15.07 and a 1 year high of $30.85. The company has a market capitalization of $135.60 million, a P/E ratio of 11.91 and a beta of 0.73. The firm has a 50-day moving average price of $28.45 and a 200-day moving average price of $25.75.

VanEck Africa Index ETF Company Profile

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.