Short Interest in Sprott Nickel Miners ETF (NASDAQ:NIKL) Declines By 82.3%

Sprott Nickel Miners ETF (NASDAQ:NIKL) was the target of a significant drop in short interest during the month of June. As of June 15th, there was short interest totaling 40,243 shares, a drop of 82.3% from the May 31st total of 227,453 shares. Based on an average daily volume of 146,670 shares, the days-to-cover ratio is presently 0.3 days. Currently, 0.9% of the shares of the stock are sold short.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Militia Capital Management LLC purchased a new stake in Sprott Nickel Miners ETF during the first quarter valued at approximately $3,535,000. Extract Advisors LLC bought a new stake in shares of Sprott Nickel Miners ETF in the 1st quarter valued at approximately $2,802,000. Nwam LLC purchased a new position in shares of Sprott Nickel Miners ETF in the 4th quarter worth approximately $2,413,000. Fortis Group Advisors LLC purchased a new position in shares of Sprott Nickel Miners ETF in the 4th quarter worth approximately $1,746,000. Finally, Cetera Investment Advisers bought a new position in shares of Sprott Nickel Miners ETF during the 1st quarter valued at approximately $1,594,000.

Sprott Nickel Miners ETF Stock Performance

Shares of NASDAQ:NIKL traded down $0.04 on Friday, reaching $12.89. The company’s stock had a trading volume of 244,771 shares, compared to its average volume of 275,659. The company has a 50-day simple moving average of $15.62 and a 200 day simple moving average of $16.58. Sprott Nickel Miners ETF has a 52-week low of $11.24 and a 52-week high of $21.85. The company has a market cap of $57.23 million, a P/E ratio of 18.88 and a beta of 0.79.

About Sprott Nickel Miners ETF

The Sprott Nickel Miners ETF (NIKL) is an exchange-traded fund that is based on the Nasdaq Sprott Nickel Miners index. The fund tracks an index of nickel related companies around the globe. Securities are selected based on revenue and weighted by market-cap. NIKL was launched on Mar 21, 2023 and is issued by Sprott.