Amplify Alternative Harvest ETF (NYSEARCA:MJ) Stock Price Down 7.8% – Time to Sell?

Amplify Alternative Harvest ETF (NYSEARCA:MJ)’s stock price dropped 7.8% during mid-day trading on Monday . The stock traded as low as $35.00 and last traded at $35.32. Approximately 324,727 shares traded hands during mid-day trading, an increase of 312% from the average daily volume of 78,887 shares. The stock had previously closed at $38.29.

Amplify Alternative Harvest ETF Price Performance

The company has a 50-day simple moving average of $30.83 and a 200-day simple moving average of $27.70. The stock has a market cap of $186.14 million, a PE ratio of 16.86 and a beta of 1.24.

Hedge Funds Weigh In On Amplify Alternative Harvest ETF

A number of large investors have recently made changes to their positions in MJ. Simplex Trading LLC purchased a new stake in Amplify Alternative Harvest ETF during the first quarter worth about $31,000. Atlantic Union Bankshares Corp acquired a new stake in shares of Amplify Alternative Harvest ETF during the 3rd quarter valued at approximately $35,000. Raymond James Financial Inc. purchased a new stake in shares of Amplify Alternative Harvest ETF during the 2nd quarter worth approximately $58,000. Tempus Wealth Planning LLC purchased a new stake in shares of Amplify Alternative Harvest ETF during the 3rd quarter worth approximately $210,000. Finally, Wedmont Private Capital acquired a new stake in shares of Amplify Alternative Harvest ETF in the 3rd quarter worth approximately $283,000.

Amplify Alternative Harvest ETF Company Profile

The ETFMG Alternative Harvest ETF (MJ) is an exchange-traded fund that is based on the Prime Alternative Harvest index. The fund tracks an index of global firms engaged in the legal cultivation, production, marketing or distribution of cannabis, cannabinoids or tobacco products. The portfolio is weighted by market cap or equally based on a proprietary system.