Short Interest in Global X Rare Earth & Critical Materials ETF (NASDAQ:EART) Declines By 75.1%

Global X Rare Earth & Critical Materials ETF (NASDAQ:EART) saw a significant drop in short interest in May. As of May 29th, there was short interest totaling 27,763 shares, a drop of 75.1% from the May 14th total of 111,551 shares. Approximately 2.1% of the company’s stock are short sold. Based on an average trading volume of 16,770 shares, the short-interest ratio is currently 1.7 days.

Global X Rare Earth & Critical Materials ETF Price Performance

NASDAQ:EART traded up $1.70 during mid-day trading on Thursday, reaching $30.34. The stock had a trading volume of 10,678 shares, compared to its average volume of 31,745. The company has a market capitalization of $40.96 million, a price-to-earnings ratio of -4,423.39 and a beta of 0.95. Global X Rare Earth & Critical Materials ETF has a 1-year low of $15.62 and a 1-year high of $36.92. The stock’s 50 day simple moving average is $31.99 and its two-hundred day simple moving average is $30.84.

Hedge Funds Weigh In On Global X Rare Earth & Critical Materials ETF

A number of hedge funds have recently bought and sold shares of the company. Envestnet Asset Management Inc. boosted its stake in Global X Rare Earth & Critical Materials ETF by 8.9% in the second quarter. Envestnet Asset Management Inc. now owns 11,663 shares of the company’s stock valued at $192,000 after acquiring an additional 957 shares during the period. Cetera Investment Advisers boosted its stake in Global X Rare Earth & Critical Materials ETF by 11.1% in the second quarter. Cetera Investment Advisers now owns 12,005 shares of the company’s stock valued at $198,000 after acquiring an additional 1,199 shares during the period. Jane Street Group LLC acquired a new position in Global X Rare Earth & Critical Materials ETF in the fourth quarter valued at approximately $295,000. Truist Financial Corp acquired a new position in Global X Rare Earth & Critical Materials ETF in the third quarter valued at approximately $311,000. Finally, Susquehanna International Group LLP acquired a new position in Global X Rare Earth & Critical Materials ETF in the third quarter valued at approximately $368,000. 5.34% of the stock is currently owned by institutional investors and hedge funds.

Global X Rare Earth & Critical Materials ETF Company Profile

The Global X Rare Earth & Critical Materials ETF seeks to invest in companies that produce rare earth components, metals, and other raw or composite materials essential to the expansion of critical technologies—such as electric vehicles, energy storage, robotics, and radar systems. Targeted companies include those involved in the exploration, mining, production, and/or enhancement of materials like rare earth elements, lithium, copper, cobalt, nickel, manganese, graphite, zinc, platinum, palladium, and carbon fiber.