VanEck Steel ETF (NYSEARCA:SLX) Sees Large Drop in Short Interest

VanEck Steel ETF (NYSEARCA:SLX) was the target of a significant drop in short interest in March. As of March 13th, there was short interest totaling 23,748 shares, a drop of 23.4% from the February 26th total of 30,988 shares. Currently, 1.2% of the shares of the stock are sold short. Based on an average daily volume of 103,809 shares, the days-to-cover ratio is currently 0.2 days.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Highline Wealth Partners LLC bought a new position in VanEck Steel ETF in the third quarter valued at $25,000. Geneos Wealth Management Inc. purchased a new position in shares of VanEck Steel ETF in the 3rd quarter worth about $30,000. Farther Finance Advisors LLC boosted its holdings in shares of VanEck Steel ETF by 288.5% in the 4th quarter. Farther Finance Advisors LLC now owns 610 shares of the exchange traded fund’s stock worth $52,000 after purchasing an additional 453 shares in the last quarter. Ball & Co Wealth Management Inc. bought a new position in shares of VanEck Steel ETF during the 3rd quarter valued at about $69,000. Finally, Kestra Advisory Services LLC bought a new position in shares of VanEck Steel ETF during the 4th quarter valued at about $72,000.

VanEck Steel ETF Price Performance

SLX stock traded up $3.29 during midday trading on Tuesday, reaching $91.81. The company had a trading volume of 28,064 shares, compared to its average volume of 61,568. VanEck Steel ETF has a 1 year low of $51.69 and a 1 year high of $103.00. The company has a market capitalization of $182.70 million, a P/E ratio of 14.09 and a beta of 1.33. The firm has a 50-day moving average price of $94.79 and a 200-day moving average price of $85.09.

About VanEck Steel ETF

Market Vectors Steel ETF (the Fund) seeks to replicate as closely as possible the price and yield performance of the NYSE Arca Steel Index (STEEL or the Index) by investing in a portfolio of securities that generally replicates STEEL. STEEL, calculated by the NYSE Alternext, is a modified market capitalization-weighted index consisting of publicly traded companies predominantly involved in the production of steel products or mining and processing of iron ore. The Index includes companies primarily involved in a variety of activities related to steel production, including the operation of manufacturing mills and fabrication of steel products.