Short Interest in Alger Concentrated Equity ETF (NYSEARCA:CNEQ) Rises By 67.8%

Alger Concentrated Equity ETF (NYSEARCA:CNEQ) was the recipient of a large growth in short interest during the month of July. As of July 15th, there was short interest totaling 241,912 shares, a growth of 67.8% from the June 30th total of 144,173 shares. Currently, 1.1% of the company’s shares are sold short. Based on an average daily trading volume, of 156,051 shares, the short-interest ratio is presently 1.6 days.

Institutional Investors Weigh In On Alger Concentrated Equity ETF

Several large investors have recently made changes to their positions in CNEQ. Castle Rock Wealth Management LLC raised its stake in shares of Alger Concentrated Equity ETF by 25.8% during the 2nd quarter. Castle Rock Wealth Management LLC now owns 118,358 shares of the company’s stock worth $4,796,000 after purchasing an additional 24,281 shares in the last quarter. Western Wealth Management LLC lifted its stake in Alger Concentrated Equity ETF by 112.4% in the 1st quarter. Western Wealth Management LLC now owns 31,899 shares of the company’s stock valued at $993,000 after purchasing an additional 16,883 shares during the last quarter. Royal Bank of Canada raised its position in Alger Concentrated Equity ETF by 38.9% in the first quarter. Royal Bank of Canada now owns 15,101 shares of the company’s stock valued at $470,000 after purchasing an additional 4,230 shares during the last quarter. Cetera Investment Advisers bought a new position in shares of Alger Concentrated Equity ETF during the first quarter worth about $550,000. Finally, R. W. Roge & Company Inc. acquired a new position in shares of Alger Concentrated Equity ETF during the 1st quarter valued at $351,000.

Alger Concentrated Equity ETF Stock Performance

NYSEARCA:CNEQ traded up $0.45 on Friday, hitting $38.43. 68,905 shares of the stock were exchanged, compared to its average volume of 185,340. Alger Concentrated Equity ETF has a 52 week low of $29.47 and a 52 week high of $42.15. The company’s 50-day moving average price is $39.83 and its 200 day moving average price is $36.28. The stock has a market capitalization of $922.32 million, a price-to-earnings ratio of 35.92 and a beta of 1.71.

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.