AltShares Merger Arbitrage ETF (NYSEARCA:ARB) Stock Price Up 0.1% – Here’s Why

AltShares Merger Arbitrage ETF (NYSEARCA:ARB) traded up 0.1% during mid-day trading on Thursday. The stock traded as high as $30.11 and last traded at $30.09. Approximately 4,720 shares changed hands during trading, a decline of 72% from the average daily volume of 17,084 shares. The stock had previously closed at $30.06.

AltShares Merger Arbitrage ETF Trading Up 0.1%

The company has a market capitalization of $103.51 million, a price-to-earnings ratio of 15.43 and a beta of 0.05. The firm’s 50 day moving average price is $29.80 and its two-hundred day moving average price is $29.62.

Hedge Funds Weigh In On AltShares Merger Arbitrage ETF

Institutional investors have recently bought and sold shares of the business. Diversify Wealth Management LLC acquired a new stake in AltShares Merger Arbitrage ETF in the 1st quarter worth about $3,773,000. Sonoma Allocations LLC grew its position in shares of AltShares Merger Arbitrage ETF by 88.4% during the 4th quarter. Sonoma Allocations LLC now owns 53,294 shares of the company’s stock worth $1,548,000 after purchasing an additional 25,010 shares in the last quarter. Apollon Wealth Management LLC bought a new position in shares of AltShares Merger Arbitrage ETF during the first quarter worth approximately $549,000. Dynamic Advisor Solutions LLC increased its holdings in shares of AltShares Merger Arbitrage ETF by 23.6% during the second quarter. Dynamic Advisor Solutions LLC now owns 88,589 shares of the company’s stock worth $2,625,000 after purchasing an additional 16,904 shares during the period. Finally, Envestnet Asset Management Inc. raised its position in shares of AltShares Merger Arbitrage ETF by 6.7% in the second quarter. Envestnet Asset Management Inc. now owns 260,941 shares of the company’s stock valued at $7,732,000 after buying an additional 16,389 shares in the last quarter. Institutional investors and hedge funds own 94.63% of the company’s stock.

AltShares Merger Arbitrage ETF Company Profile

The AltShares Merger Arbitrage ETF (ARB) is an exchange-traded fund that mostly invests in long\u002Fshort alternatives. The fund tracks a global USD-hedged index that uses a merger arbitrage strategy by providing long exposure to takeover targets and short exposure the acquiring company. ARB was launched on May 7, 2020 and is managed by Altshares.