AdvisorShares Pure US Cannabis ETF (NYSEARCA:MSOS) Shares Gap Down to $7.04

AdvisorShares Pure US Cannabis ETF (NYSEARCA:MSOS) shares gapped down before the market opened on Tuesday . The stock had previously closed at $7.04, but opened at $6.28. AdvisorShares Pure US Cannabis ETF shares last traded at $6.32, with a volume of 3,008,696 shares traded.

AdvisorShares Pure US Cannabis ETF Stock Performance

The company has a market capitalization of $732.49 million, a price-to-earnings ratio of 12.20 and a beta of 0.77. The firm has a 50-day simple moving average of $7.36 and a two-hundred day simple moving average of $8.34.

Institutional Investors Weigh In On AdvisorShares Pure US Cannabis ETF

Hedge funds and other institutional investors have recently modified their holdings of the company. Eminence Capital LP lifted its position in AdvisorShares Pure US Cannabis ETF by 8.2% in the fourth quarter. Eminence Capital LP now owns 6,496,078 shares of the company’s stock valued at $45,538,000 after purchasing an additional 493,042 shares during the period. Jane Street Group LLC boosted its position in AdvisorShares Pure US Cannabis ETF by 57.3% during the first quarter. Jane Street Group LLC now owns 6,059,388 shares of the company’s stock worth $60,654,000 after purchasing an additional 2,206,686 shares in the last quarter. Murchinson Ltd. purchased a new position in shares of AdvisorShares Pure US Cannabis ETF in the second quarter valued at $11,721,000. JW Asset Management LLC raised its stake in shares of AdvisorShares Pure US Cannabis ETF by 24.4% during the 1st quarter. JW Asset Management LLC now owns 872,283 shares of the company’s stock worth $8,732,000 after buying an additional 171,281 shares during the last quarter. Finally, Millennium Management LLC raised its stake in shares of AdvisorShares Pure US Cannabis ETF by 5.2% during the 2nd quarter. Millennium Management LLC now owns 694,881 shares of the company’s stock worth $5,093,000 after buying an additional 34,147 shares during the last quarter.

About AdvisorShares Pure US Cannabis ETF

The AdvisorShares Pure US Cannabis ETF (MSOS) is an exchange-traded fund that mostly invests in stocks based on a particular theme. The fund is an actively managed narrow portfolio of US stocks or swap contracts related to the domestic cannabis and hemp industry. MSOS was launched on Sep 1, 2020 and is managed by AdvisorShares.