Alger Concentrated Equity ETF (NYSEARCA:CNEQ) Short Interest Update

Alger Concentrated Equity ETF (NYSEARCA:CNEQ) was the recipient of a significant growth in short interest during the month of August. As of August 14th, there was short interest totaling 415,348 shares, a growth of 76.1% from the July 30th total of 235,876 shares. Approximately 1.7% of the shares of the company are short sold. Based on an average daily trading volume, of 127,566 shares, the days-to-cover ratio is presently 3.3 days.

Alger Concentrated Equity ETF Price Performance

NYSEARCA CNEQ opened at $39.66 on Monday. The company has a market cap of $993.88 million, a price-to-earnings ratio of 35.92 and a beta of 1.75. The stock’s fifty day moving average price is $39.57 and its 200 day moving average price is $37.09. Alger Concentrated Equity ETF has a 1 year low of $29.47 and a 1 year high of $42.15.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Compass Financial Management LLC purchased a new position in shares of Alger Concentrated Equity ETF in the second quarter worth about $1,662,000. R. W. Roge & Company Inc. increased its holdings in Alger Concentrated Equity ETF by 8.5% in the 2nd quarter. R. W. Roge & Company Inc. now owns 12,268 shares of the company’s stock worth $506,000 after buying an additional 961 shares during the period. Castle Rock Wealth Management LLC increased its holdings in Alger Concentrated Equity ETF by 25.8% in the 2nd quarter. Castle Rock Wealth Management LLC now owns 118,358 shares of the company’s stock worth $4,796,000 after buying an additional 24,281 shares during the period. Western Wealth Management LLC raised its position in Alger Concentrated Equity ETF by 112.4% during the 1st quarter. Western Wealth Management LLC now owns 31,899 shares of the company’s stock worth $993,000 after buying an additional 16,883 shares during the last quarter. Finally, Royal Bank of Canada raised its position in Alger Concentrated Equity ETF by 38.9% during the 1st quarter. Royal Bank of Canada now owns 15,101 shares of the company’s stock worth $470,000 after buying an additional 4,230 shares during the last quarter.

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.