Grayscale Ethereum Trust ETF (NYSEARCA:ETHE) Stock Price Up 5.8% – Still a Buy?

Grayscale Ethereum Trust ETF (NYSEARCA:ETHE)’s share price shot up 5.8% during mid-day trading on Friday . The stock traded as high as $20.89 and last traded at $20.8210. 2,200,728 shares were traded during mid-day trading, a decline of 41% from the average session volume of 3,714,896 shares. The stock had previously closed at $19.68.

Grayscale Ethereum Trust ETF Stock Up 6.1%

The company has a market capitalization of $2.10 billion, a price-to-earnings ratio of 2.06 and a beta of 2.59. The business has a fifty day simple moving average of $17.16 and a two-hundred day simple moving average of $16.73.

Grayscale Ethereum Trust ETF Cuts Dividend

The company also recently announced a monthly dividend, which was paid on Wednesday, August 5th. Stockholders of record on Tuesday, August 4th were issued a $0.0217 dividend. The ex-dividend date of this dividend was Tuesday, August 4th. This represents a c) annualized dividend and a dividend yield of 1.2%.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of ETHE. Integrated Advisors Network LLC increased its holdings in Grayscale Ethereum Trust ETF by 142.7% during the 1st quarter. Integrated Advisors Network LLC now owns 358,249 shares of the company’s stock valued at $6,115,000 after purchasing an additional 210,612 shares in the last quarter. Aristides Capital LLC bought a new position in shares of Grayscale Ethereum Trust ETF in the fourth quarter valued at about $1,096,000. Surience Private Wealth LLC acquired a new position in Grayscale Ethereum Trust ETF during the 1st quarter worth about $1,109,000. Verde Capital Management grew its holdings in Grayscale Ethereum Trust ETF by 4.1% during the 1st quarter. Verde Capital Management now owns 164,312 shares of the company’s stock worth $2,805,000 after acquiring an additional 6,493 shares during the last quarter. Finally, Fund Advisors of America Inc FL acquired a new stake in Grayscale Ethereum Trust ETF in the 4th quarter valued at about $218,000.

About Grayscale Ethereum Trust ETF

Grayscale Ethereum Staking ETF (ETHE) is an exchange-traded fund designed to provide exposure to Ether (ETH), with shares intended to reflect the value of the fund’s ETH holdings, minus fees and expenses. The fund may stake a portion of its Ether to seek additional returns through staking rewards, which can enhance total return but may also introduce additional risks and variability. ETHE is a commodity-based product and is not registered under the Investment Company Act of 1940.