Alger Concentrated Equity ETF (NYSEARCA:CNEQ) Stock Short Interest Jumps 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. Currently, 0.2% of the shares of the company are sold short. Based on an average trading volume of 324,969 shares, the days-to-cover ratio is presently 1.0 days.

Hedge Funds Weigh In On Alger Concentrated Equity ETF

Several large investors have recently made changes to their positions in CNEQ. MGO One Seven LLC bought a new stake in shares of Alger Concentrated Equity ETF during the 3rd quarter valued at about $9,259,000. WPG Advisers LLC grew its holdings in Alger Concentrated Equity ETF by 6.0% during the 3rd quarter. WPG Advisers LLC now owns 162,283 shares of the company’s stock valued at $6,594,000 after buying an additional 9,118 shares in the last quarter. Flagship Harbor Advisors LLC lifted its holdings in shares of Alger Concentrated Equity ETF by 1.1% in the third quarter. Flagship Harbor Advisors LLC now owns 434,004 shares of the company’s stock worth $17,634,000 after buying an additional 4,864 shares in the last quarter. Wealth Management Partners LLC increased its holdings in shares of Alger Concentrated Equity ETF by 11.5% in the third quarter. Wealth Management Partners LLC now owns 103,527 shares of the company’s stock worth $4,206,000 after purchasing an additional 10,675 shares during the last quarter. Finally, Wavvest Wealth LLC purchased a new stake in shares of Alger Concentrated Equity ETF during the 3rd quarter worth approximately $304,000.

Alger Concentrated Equity ETF Stock Down 4.3%

NYSEARCA:CNEQ traded down $1.65 during mid-day trading on Friday, hitting $36.94. 261,693 shares of the stock traded hands, compared to its average volume of 193,482. Alger Concentrated Equity ETF has a 12-month low of $29.47 and a 12-month high of $42.15. The company has a market cap of $6.93 billion, a PE ratio of 35.92 and a beta of 1.72. The business’s 50-day moving average price is $39.80 and its 200 day moving average price is $37.40.

Alger Concentrated Equity ETF Company Profile

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.