SonicShares Global Shipping ETF (NYSEARCA:BOAT) Trading 1.7% Higher – Still a Buy?

SonicShares Global Shipping ETF (NYSEARCA:BOAT)’s stock price shot up 1.7% during mid-day trading on Friday . The company traded as high as $44.51 and last traded at $44.39. 15,290 shares were traded during trading, a decline of 55% from the average daily volume of 34,293 shares. The stock had previously closed at $43.65.

SonicShares Global Shipping ETF Stock Up 1.7%

The company has a market cap of $78.57 million, a price-to-earnings ratio of 4.25 and a beta of 0.65. The firm has a 50-day simple moving average of $41.49 and a 200 day simple moving average of $40.37.

Hedge Funds Weigh In On SonicShares Global Shipping ETF

An institutional investor recently raised its stake in SonicShares Global Shipping ETF stock. JPMorgan Chase & Co. boosted its holdings in SonicShares Global Shipping ETF (NYSEARCA:BOAT) by 111.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,431 shares of the company’s stock after purchasing an additional 755 shares during the quarter. JPMorgan Chase & Co. owned about 0.11% of SonicShares Global Shipping ETF worth $41,000 at the end of the most recent quarter.

About SonicShares Global Shipping ETF

The SonicShares Global Shipping ETF (BOAT) is an exchange-traded fund that is based on the Solactive Global Shipping index, a modified market-cap-weighted index of globally-listed companies engaged in maritime shipping. BOAT was launched on Aug 3, 2021 and is managed by SonicShares.