Short Interest in Alger Concentrated Equity ETF (NYSEARCA:CNEQ) Grows By 130.1%

Alger Concentrated Equity ETF (NYSEARCA:CNEQ) was the target of a large growth in short interest during the month of April. As of April 30th, there was short interest totaling 114,279 shares, a growth of 130.1% from the April 15th total of 49,660 shares. Currently, 0.8% of the shares of the stock are short sold. Based on an average trading volume of 134,516 shares, the days-to-cover ratio is currently 0.8 days.

Hedge Funds Weigh In On Alger Concentrated Equity ETF

Hedge funds have recently modified their holdings of the stock. Geneos Wealth Management Inc. acquired a new position in shares of Alger Concentrated Equity ETF in the 4th quarter worth $39,000. Allworth Financial LP purchased a new position in shares of Alger Concentrated Equity ETF during the fourth quarter valued at $58,000. Steward Partners Investment Advisory LLC raised its position in Alger Concentrated Equity ETF by 188.5% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,875 shares of the company’s stock valued at $64,000 after buying an additional 1,225 shares during the period. Osaic Holdings Inc. raised its position in Alger Concentrated Equity ETF by 114.5% during the second quarter. Osaic Holdings Inc. now owns 2,445 shares of the company’s stock valued at $73,000 after buying an additional 1,305 shares during the period. Finally, Private Trust Co. NA acquired a new position in Alger Concentrated Equity ETF during the fourth quarter valued at $138,000.

Alger Concentrated Equity ETF Trading Down 1.9%

Shares of NYSEARCA CNEQ traded down $0.77 during mid-day trading on Friday, reaching $39.03. The company had a trading volume of 189,943 shares, compared to its average volume of 179,522. The stock has a market cap of $540.57 million, a PE ratio of 35.92 and a beta of 1.68. The company has a 50-day moving average price of $34.38 and a two-hundred day moving average price of $34.37. Alger Concentrated Equity ETF has a 1-year low of $26.35 and a 1-year high of $39.86.

About Alger Concentrated Equity ETF

The Alger Concentrated Equity ETF (CNEQ) is an exchange-traded fund that mostly invests in large cap equity. The fund is actively managed, targeting large-cap companies with high growth potential. The fund maintains a concentrated portfolio of no more than 30 stocks, seeking long-term captial appreciation CNEQ was launched on Apr 4, 2024 and is issued by Alger.