Alger Concentrated Equity ETF (NYSEARCA:CNEQ) Sees Significant Drop in Short Interest

Alger Concentrated Equity ETF (NYSEARCA:CNEQ) was the recipient of a large decline in short interest in the month of September. As of September 15th, there was short interest totaling 155,195 shares, a decline of 47.0% from the August 31st total of 292,610 shares. Approximately 0.2% of the shares of the company are sold short. Based on an average trading volume of 228,806 shares, the short-interest ratio is currently 0.7 days.

Institutional Trading of Alger Concentrated Equity ETF

A number of large investors have recently made changes to their positions in the business. R. W. Roge & Company Inc. raised its position in Alger Concentrated Equity ETF by 8.5% during 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 last quarter. IFP Advisors Inc acquired a new stake in shares of Alger Concentrated Equity ETF during the second quarter valued at approximately $78,000. Ascentis Independent Advisors grew its stake in Alger Concentrated Equity ETF by 24.0% in the 1st quarter. Ascentis Independent Advisors now owns 18,343 shares of the company’s stock valued at $571,000 after buying an additional 3,556 shares during the last quarter. Royal Bank of Canada grew its position in Alger Concentrated Equity ETF by 38.9% in the first quarter. Royal Bank of Canada now owns 15,101 shares of the company’s stock valued at $470,000 after acquiring an additional 4,230 shares during the period. Finally, Allworth Financial LP boosted its position in Alger Concentrated Equity ETF by 269.3% in the 2nd quarter. Allworth Financial LP now owns 6,278 shares of the company’s stock valued at $259,000 after buying an additional 4,578 shares during the last quarter.

Alger Concentrated Equity ETF Stock Up 0.2%

Shares of CNEQ traded up $0.09 during midday trading on Wednesday, hitting $40.65. The company had a trading volume of 275,442 shares, compared to its average volume of 185,885. Alger Concentrated Equity ETF has a 52 week low of $29.47 and a 52 week high of $42.15. The stock has a market cap of $3.15 billion, a price-to-earnings ratio of 35.92 and a beta of 1.75. The company’s 50 day moving average price is $39.63 and its 200 day moving average price is $38.16.

About Alger Concentrated Equity ETF

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.