Amplify Alternative Harvest ETF (NYSEARCA:MJ) Shares Down 2% – Should You Sell?

Amplify Alternative Harvest ETF (NYSEARCA:MJ) shares dropped 2% during trading on Tuesday . The stock traded as low as $25.59 and last traded at $25.82. Approximately 63,684 shares traded hands during trading, an increase of 51% from the average daily volume of 42,184 shares. The stock had previously closed at $26.35.

Amplify Alternative Harvest ETF Price Performance

The firm has a market cap of $114.12 million, a price-to-earnings ratio of 16.86 and a beta of 1.14. The company’s 50 day simple moving average is $24.40 and its 200 day simple moving average is $25.11.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Cetera Investment Advisers lifted its stake in shares of Amplify Alternative Harvest ETF by 4.4% in the first quarter. Cetera Investment Advisers now owns 16,028 shares of the company’s stock valued at $369,000 after purchasing an additional 680 shares during the period. PenderFund Capital Management Ltd. purchased a new position in Amplify Alternative Harvest ETF during the fourth quarter worth $36,000. UBS Group AG raised its holdings in shares of Amplify Alternative Harvest ETF by 9.3% in the third quarter. UBS Group AG now owns 19,805 shares of the company’s stock worth $740,000 after acquiring an additional 1,681 shares during the last quarter. Kestra Advisory Services LLC purchased a new stake in shares of Amplify Alternative Harvest ETF in the fourth quarter valued at $60,000. Finally, Raymond James Financial Inc. purchased a new stake in shares of Amplify Alternative Harvest ETF in the second quarter valued at $58,000.

Amplify Alternative Harvest ETF Company Profile

The ETFMG Alternative Harvest ETF (MJ) is an exchange-traded fund that is based on the Prime Alternative Harvest index. The fund tracks an index of global firms engaged in the legal cultivation, production, marketing or distribution of cannabis, cannabinoids or tobacco products. The portfolio is weighted by market cap or equally based on a proprietary system. MJ was launched on Dec 2, 2015 and is managed by ETF Managers Group.