Short Interest in Alger AI Enablers & Adopters ETF (NYSEARCA:ALAI) Declines By 59.9%

Alger AI Enablers & Adopters ETF (NYSEARCA:ALAI) was the recipient of a large drop in short interest in July. As of July 15th, there was short interest totaling 40,221 shares, a drop of 59.9% from the June 30th total of 100,394 shares. Approximately 0.4% of the shares of the stock are sold short. Based on an average daily trading volume, of 114,399 shares, the days-to-cover ratio is presently 0.4 days.

Alger AI Enablers & Adopters ETF Trading Down 1.4%

NYSEARCA:ALAI traded down $0.59 during trading hours on Tuesday, hitting $41.33. 177,848 shares of the stock were exchanged, compared to its average volume of 93,746. The firm’s fifty day moving average price is $44.34 and its 200 day moving average price is $39.14. Alger AI Enablers & Adopters ETF has a 52-week low of $30.84 and a 52-week high of $46.88. The company has a market cap of $433.96 million, a P/E ratio of 29.71 and a beta of 1.89.

Institutional Trading of Alger AI Enablers & Adopters ETF

Several large investors have recently made changes to their positions in ALAI. Ocean Park Asset Management LLC purchased a new position in Alger AI Enablers & Adopters ETF in the 2nd quarter valued at $6,405,000. Western Wealth Management LLC grew its holdings in shares of Alger AI Enablers & Adopters ETF by 54.0% during the first quarter. Western Wealth Management LLC now owns 27,400 shares of the company’s stock worth $905,000 after buying an additional 9,613 shares in the last quarter. Arkadios Wealth Advisors grew its holdings in shares of Alger AI Enablers & Adopters ETF by 35.9% during the first quarter. Arkadios Wealth Advisors now owns 1,155,852 shares of the company’s stock worth $38,189,000 after buying an additional 305,456 shares in the last quarter. Royal Bank of Canada raised its position in shares of Alger AI Enablers & Adopters ETF by 3.8% in the first quarter. Royal Bank of Canada now owns 158,006 shares of the company’s stock valued at $5,221,000 after buying an additional 5,779 shares during the last quarter. Finally, CFO Capital Management LLC raised its position in shares of Alger AI Enablers & Adopters ETF by 3.8% in the first quarter. CFO Capital Management LLC now owns 35,036 shares of the company’s stock valued at $1,158,000 after buying an additional 1,285 shares during the last quarter.

Alger AI Enablers & Adopters ETF Company Profile

The Alger AI Enablers & Adopters ETF (ALAI) is an exchange-traded fund that mostly invests in stocks based on a particular theme. The fund is actively managed, investing in firms benefiting from developing, integrating or enabling artificial intelligence (AI) technology. The fund seeks long-term capital growth through fundamental research ALAI was launched on Apr 4, 2024 and is issued by Alger.