Amplify Alternative Harvest ETF (NYSEARCA:MJ) Trading Up 16.7% – Should You Buy?

Amplify Alternative Harvest ETF (NYSEARCA:MJ)’s share price shot up 16.7% on Wednesday . The company traded as high as $31.70 and last traded at $30.28. 268,864 shares were traded during trading, an increase of 505% from the average session volume of 44,469 shares. The stock had previously closed at $25.95.

Amplify Alternative Harvest ETF Price Performance

The company has a market cap of $150.49 million, a P/E ratio of 16.86 and a beta of 1.01. The stock’s 50-day moving average is $24.88 and its two-hundred day moving average is $28.53.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Atlantic Union Bankshares Corp bought a new position in Amplify Alternative Harvest ETF in the third quarter worth approximately $35,000. PenderFund Capital Management Ltd. bought a new position in Amplify Alternative Harvest ETF in the fourth quarter worth approximately $36,000. Kestra Advisory Services LLC bought a new position in Amplify Alternative Harvest ETF in the fourth quarter worth approximately $60,000. Murphy Middleton Hinkle & Parker Inc. bought a new position in Amplify Alternative Harvest ETF in the fourth quarter worth approximately $95,000. Finally, Raymond James Financial Inc. bought a new position in Amplify Alternative Harvest ETF in the second quarter worth approximately $58,000.

About Amplify Alternative Harvest ETF

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. MJ was launched on Dec 2, 2015 and is managed by ETF Managers Group.