AdvisorShares Pure US Cannabis ETF (NYSEARCA:MSOS) Shares Gap Up – Still a Buy?

AdvisorShares Pure US Cannabis ETF (NYSEARCA:MSOS) gapped up before the market opened on Friday . The stock had previously closed at $5.10, but opened at $5.35. AdvisorShares Pure US Cannabis ETF shares last traded at $5.49, with a volume of 4,151,189 shares traded.

AdvisorShares Pure US Cannabis ETF Stock Performance

The company has a 50-day simple moving average of $4.43 and a 200-day simple moving average of $4.27. The company has a market cap of $1.16 billion, a price-to-earnings ratio of 12.20 and a beta of 1.32.

Hedge Funds Weigh In On AdvisorShares Pure US Cannabis ETF

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. AdvisorShares Investments LLC increased its position in AdvisorShares Pure US Cannabis ETF by 15.3% during the 3rd quarter. AdvisorShares Investments LLC now owns 3,759,593 shares of the company’s stock worth $18,008,000 after purchasing an additional 500,100 shares during the period. Rovida Advisors Inc. increased its position in AdvisorShares Pure US Cannabis ETF by 20.0% during the 3rd quarter. Rovida Advisors Inc. now owns 1,200,000 shares of the company’s stock worth $5,796,000 after purchasing an additional 200,000 shares during the period. Clear Street Group Inc. acquired a new position in AdvisorShares Pure US Cannabis ETF during the 3rd quarter worth approximately $32,633,000. Simplicity Wealth LLC acquired a new position in AdvisorShares Pure US Cannabis ETF during the 4th quarter worth approximately $769,000. Finally, NewEdge Wealth LLC increased its position in AdvisorShares Pure US Cannabis ETF by 858.6% during the 3rd quarter. NewEdge Wealth LLC now owns 500,271 shares of the company’s stock worth $2,396,000 after purchasing an additional 448,084 shares during the period.

About AdvisorShares Pure US Cannabis ETF

The AdvisorShares Pure US Cannabis ETF (MSOS) is an exchange-traded fund that mostly invests in stocks based on a particular theme. The fund is an actively managed narrow portfolio of US stocks or swap contracts related to the domestic cannabis and hemp industry. MSOS was launched on Sep 1, 2020 and is managed by AdvisorShares.