Principal Spectrum Preferred Securities Active ETF (NYSEARCA:PREF) Stock Short Interest Drops 93.9%

Principal Spectrum Preferred Securities Active ETF (NYSEARCA:PREF) was the target of a significant drop in short interest in October. As of October 30th, there was short interest totaling 163,803 shares, a drop of 93.9% from the October 15th total of 2,672,491 shares. Based on an average daily trading volume, of 665,881 shares, the days-to-cover ratio is presently 0.2 days. Currently, 0.2% of the company’s stock are sold short.

Principal Spectrum Preferred Securities Active ETF Stock Down 0.6%

Shares of NYSEARCA:PREF traded down $0.11 during midday trading on Tuesday, reaching $18.45. The company had a trading volume of 410,402 shares, compared to its average volume of 307,824. The stock’s fifty day moving average price is $18.46 and its 200-day moving average price is $18.86. Principal Spectrum Preferred Securities Active ETF has a one year low of $18.16 and a one year high of $19.32.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Cornerstone Advisors Asset Management LLC raised its stake in shares of Principal Spectrum Preferred Securities Active ETF by 37.8% in the 3rd quarter. Cornerstone Advisors Asset Management LLC now owns 1,161,034 shares of the company’s stock valued at $21,305,000 after purchasing an additional 318,228 shares in the last quarter. Diversified Trust Co acquired a new position in Principal Spectrum Preferred Securities Active ETF in the third quarter worth about $367,000. NBH Bank grew its stake in Principal Spectrum Preferred Securities Active ETF by 10.1% in the third quarter. NBH Bank now owns 12,511 shares of the company’s stock worth $230,000 after purchasing an additional 1,150 shares in the last quarter. Henderson Brothers Financial Partners LLC grew its stake in Principal Spectrum Preferred Securities Active ETF by 11.5% in the third quarter. Henderson Brothers Financial Partners LLC now owns 44,261 shares of the company’s stock worth $812,000 after purchasing an additional 4,548 shares in the last quarter. Finally, W.G. Shaheen & Associates DBA Whitney & Co bought a new stake in Principal Spectrum Preferred Securities Active ETF in the third quarter valued at about $303,000.

About Principal Spectrum Preferred Securities Active ETF

The Principal Spectrum Preferred Securities Active ETF (PREF) is an exchange-traded fund that mostly invests in broad credit fixed income. The fund is an actively managed fund with a primary focus on $1,000 par preferred securities. PREF was launched on Jul 10, 2017 and is managed by Principal.