Short Interest in VanEck Steel ETF (NYSEARCA:SLX) Increases By 352.8%

VanEck Steel ETF (NYSEARCA:SLX) was the target of a large increase in short interest in the month of May. As of May 15th, there was short interest totaling 158,344 shares, an increase of 352.8% from the April 30th total of 34,969 shares. Currently, 10.3% of the company’s stock are sold short. Based on an average daily trading volume, of 59,355 shares, the days-to-cover ratio is currently 2.7 days.

VanEck Steel ETF Stock Performance

Shares of NYSEARCA:SLX opened at $110.86 on Friday. The company has a market cap of $170.72 million, a P/E ratio of 14.09 and a beta of 1.21. VanEck Steel ETF has a one year low of $61.37 and a one year high of $111.47. The business’s 50-day simple moving average is $100.37 and its 200 day simple moving average is $93.16.

Institutional Investors Weigh In On VanEck Steel ETF

A number of hedge funds have recently bought and sold shares of the business. LPL Financial LLC grew its stake in VanEck Steel ETF by 248.9% during the 4th quarter. LPL Financial LLC now owns 122,968 shares of the exchange traded fund’s stock valued at $10,435,000 after purchasing an additional 87,726 shares in the last quarter. Raymond James Financial Inc. grew its stake in VanEck Steel ETF by 3.9% during the 3rd quarter. Raymond James Financial Inc. now owns 96,849 shares of the exchange traded fund’s stock valued at $7,020,000 after purchasing an additional 3,655 shares in the last quarter. UBS Group AG grew its stake in VanEck Steel ETF by 241.1% during the 3rd quarter. UBS Group AG now owns 59,094 shares of the exchange traded fund’s stock valued at $4,283,000 after purchasing an additional 41,768 shares in the last quarter. Cetera Investment Advisers grew its stake in VanEck Steel ETF by 747.3% during the 4th quarter. Cetera Investment Advisers now owns 41,636 shares of the exchange traded fund’s stock valued at $3,533,000 after purchasing an additional 36,722 shares in the last quarter. Finally, Bank of America Corp DE grew its stake in VanEck Steel ETF by 12.5% during the 1st quarter. Bank of America Corp DE now owns 28,573 shares of the exchange traded fund’s stock valued at $2,623,000 after purchasing an additional 3,171 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.