Short Interest in VanEck Steel ETF (NYSEARCA:SLX) Expands By 33.9%

VanEck Steel ETF (NYSEARCA:SLX) was the recipient of a large growth in short interest in the month of March. As of March 31st, there was short interest totaling 31,787 shares, a growth of 33.9% from the March 15th total of 23,748 shares. Currently, 2.0% of the shares of the company are short sold. Based on an average daily trading volume, of 36,078 shares, the days-to-cover ratio is presently 0.9 days.

VanEck Steel ETF Stock Performance

Shares of NYSEARCA SLX traded up $1.72 during midday trading on Friday, hitting $101.33. 35,955 shares of the stock traded hands, compared to its average volume of 55,593. The firm has a 50-day moving average of $95.03 and a two-hundred day moving average of $87.07. The firm has a market capitalization of $156.05 million, a P/E ratio of 14.09 and a beta of 1.21. VanEck Steel ETF has a one year low of $55.55 and a one year high of $103.00.

Hedge Funds Weigh In On VanEck Steel ETF

Several hedge funds and other institutional investors have recently modified their holdings of SLX. Citizens Financial Group Inc. RI increased its stake in VanEck Steel ETF by 1.5% in the 4th quarter. Citizens Financial Group Inc. RI now owns 7,175 shares of the exchange traded fund’s stock worth $609,000 after buying an additional 108 shares in the last quarter. Highline Wealth Partners LLC purchased a new stake in VanEck Steel ETF in the 3rd quarter worth $25,000. Geneos Wealth Management Inc. purchased a new stake in VanEck Steel ETF in the 3rd quarter worth $30,000. Farther Finance Advisors LLC increased its stake in VanEck Steel ETF by 288.5% in the 4th quarter. Farther Finance Advisors LLC now owns 610 shares of the exchange traded fund’s stock worth $52,000 after buying an additional 453 shares in the last quarter. Finally, CoreCap Advisors LLC increased its stake in VanEck Steel ETF by 286.6% in the 4th quarter. CoreCap Advisors LLC now owns 924 shares of the exchange traded fund’s stock worth $78,000 after buying an additional 685 shares in the last quarter.

About VanEck Steel ETF

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.