AltShares Merger Arbitrage ETF (NYSEARCA:ARB) Sees Large Growth in Short Interest

AltShares Merger Arbitrage ETF (NYSEARCA:ARB) saw a large increase in short interest in July. As of July 15th, there was short interest totaling 12,874 shares, an increase of 182.3% from the June 30th total of 4,561 shares. Based on an average daily volume of 26,589 shares, the short-interest ratio is presently 0.5 days. Approximately 0.4% of the company’s shares are sold short.

AltShares Merger Arbitrage ETF Trading Down 0.1%

NYSEARCA ARB traded down $0.02 during trading hours on Monday, hitting $29.63. 1,179 shares of the company’s stock were exchanged, compared to its average volume of 15,430. The firm has a market cap of $101.93 million, a price-to-earnings ratio of 15.19 and a beta of 0.05. The stock has a 50-day simple moving average of $29.60 and a 200 day simple moving average of $29.38. AltShares Merger Arbitrage ETF has a 1-year low of $28.30 and a 1-year high of $30.97.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Kestra Advisory Services LLC bought a new stake in shares of AltShares Merger Arbitrage ETF during the fourth quarter valued at approximately $50,000. Royal Bank of Canada lifted its holdings in shares of AltShares Merger Arbitrage ETF by 66.9% in the 1st quarter. Royal Bank of Canada now owns 6,656 shares of the company’s stock worth $196,000 after purchasing an additional 2,667 shares in the last quarter. Prosperity Bancshares Inc acquired a new stake in AltShares Merger Arbitrage ETF in the 4th quarter valued at $262,000. Jane Street Group LLC bought a new stake in AltShares Merger Arbitrage ETF during the 2nd quarter valued at $363,000. Finally, Apollon Wealth Management LLC bought a new stake in AltShares Merger Arbitrage ETF during the 1st quarter valued at $549,000. 94.63% of the stock is owned by institutional investors and hedge funds.

About AltShares Merger Arbitrage ETF

The AltShares Merger Arbitrage ETF (ARB) is an exchange-traded fund that mostly invests in long\u002Fshort alternatives. The fund tracks a global USD-hedged index that uses a merger arbitrage strategy by providing long exposure to takeover targets and short exposure the acquiring company. ARB was launched on May 7, 2020 and is managed by Altshares.