Alger AI Enablers & Adopters ETF (NYSEARCA:ALAI) Hits New 1-Year High – Here’s Why

Alger AI Enablers & Adopters ETF (NYSEARCA:ALAI)’s share price reached a new 52-week high on Monday. The company traded as high as $47.64 and last traded at $47.5760, with a volume of 13716 shares traded. The stock had previously closed at $47.04.

Alger AI Enablers & Adopters ETF Price Performance

The stock’s fifty day simple moving average is $45.24 and its 200-day simple moving average is $42.67. The company has a market capitalization of $1.37 billion, a P/E ratio of 29.71 and a beta of 1.89.

Hedge Funds Weigh In On Alger AI Enablers & Adopters ETF

Several large investors have recently made changes to their positions in the business. XML Financial LLC boosted its holdings in Alger AI Enablers & Adopters ETF by 5.5% in the 2nd quarter. XML Financial LLC now owns 6,625 shares of the company’s stock valued at $302,000 after purchasing an additional 345 shares during the period. Integrated Wealth Concepts LLC grew its position in Alger AI Enablers & Adopters ETF by 5.9% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 10,125 shares of the company’s stock worth $462,000 after purchasing an additional 565 shares during the last quarter. Noble Wealth Management PBC increased its holdings in shares of Alger AI Enablers & Adopters ETF by 1.4% during the 3rd quarter. Noble Wealth Management PBC now owns 67,522 shares of the company’s stock worth $3,138,000 after purchasing an additional 954 shares during the period. CFO Capital Management LLC increased its holdings in shares of Alger AI Enablers & Adopters ETF by 3.8% during the 1st quarter. CFO Capital Management LLC now owns 35,036 shares of the company’s stock worth $1,158,000 after purchasing an additional 1,285 shares during the period. Finally, PCG Wealth Advisors LLC raised its position in shares of Alger AI Enablers & Adopters ETF by 4.3% during the second quarter. PCG Wealth Advisors LLC now owns 35,845 shares of the company’s stock valued at $1,636,000 after buying an additional 1,472 shares during the last quarter.

Alger AI Enablers & Adopters ETF Company Profile

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.