Short Interest in VanEck Steel ETF (NYSEARCA:SLX) Declines By 63.9%

VanEck Steel ETF (NYSEARCA:SLX) saw a significant drop in short interest in May. As of May 29th, there was short interest totaling 57,139 shares, a drop of 63.9% from the May 14th total of 158,344 shares. Approximately 3.7% of the shares of the company are short sold. Based on an average trading volume of 78,417 shares, the days-to-cover ratio is currently 0.7 days.

Institutional Trading of VanEck Steel ETF

A number of institutional investors and hedge funds have recently made changes to their positions in the business. NewEdge Advisors LLC purchased a new stake in shares of VanEck Steel ETF in the first quarter valued at approximately $1,408,000. Western Wealth Management LLC purchased a new stake in shares of VanEck Steel ETF in the first quarter valued at approximately $142,000. Bank of America Corp DE increased its position in shares of VanEck Steel ETF by 12.5% in the first quarter. Bank of America Corp DE now owns 28,573 shares of the exchange traded fund’s stock valued at $2,623,000 after buying an additional 3,171 shares in the last quarter. Angeles Wealth Management LLC purchased a new stake in shares of VanEck Steel ETF in the first quarter valued at approximately $500,000. Finally, Fifth Third Bancorp purchased a new stake in shares of VanEck Steel ETF in the first quarter valued at approximately $110,000.

VanEck Steel ETF Price Performance

SLX stock traded up $1.81 during trading on Friday, hitting $110.85. 49,174 shares of the company traded hands, compared to its average volume of 59,302. The stock’s 50-day simple moving average is $104.40 and its 200 day simple moving average is $95.35. The company has a market cap of $170.71 million, a PE ratio of 14.09 and a beta of 1.22. VanEck Steel ETF has a 1 year low of $63.23 and a 1 year high of $114.00.

VanEck Steel ETF Company Profile

Market Vectors Steel ETF (the Fund) seeks to replicate as closely as possible the price and yield performance of the NYSE Arca Steel Index (STEEL or the Index) by investing in a portfolio of securities that generally replicates STEEL. STEEL, calculated by the NYSE Alternext, is a modified market capitalization-weighted index consisting of publicly traded companies predominantly involved in the production of steel products or mining and processing of iron ore. The Index includes companies primarily involved in a variety of activities related to steel production, including the operation of manufacturing mills and fabrication of steel products.