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

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

Alger Concentrated Equity ETF Stock Performance

Shares of CNEQ stock traded down $0.77 during mid-day trading on Friday, hitting $39.03. 189,943 shares of the stock traded hands, compared to its average volume of 179,522. Alger Concentrated Equity ETF has a twelve month low of $26.35 and a twelve month high of $39.86. The firm has a market cap of $540.57 million, a price-to-earnings ratio of 35.92 and a beta of 1.68. The company’s 50-day simple moving average is $34.38 and its 200-day simple moving average is $34.37.

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 acquired a new position in shares of Alger Concentrated Equity ETF in the 4th quarter worth $58,000. Steward Partners Investment Advisory LLC grew its holdings in shares of Alger Concentrated Equity ETF by 188.5% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,875 shares of the company’s stock worth $64,000 after acquiring an additional 1,225 shares during the last quarter. Osaic Holdings Inc. grew its holdings in shares of Alger Concentrated Equity ETF by 114.5% in the 2nd quarter. Osaic Holdings Inc. now owns 2,445 shares of the company’s stock worth $73,000 after acquiring an additional 1,305 shares during the last quarter. Finally, Private Trust Co. NA acquired a new position in shares of Alger Concentrated Equity ETF in the 4th quarter worth $138,000.

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.