AdvisorShares Psychedelics ETF (NYSEARCA:PSIL) Trading Up 4.4% – Still a Buy?

AdvisorShares Psychedelics ETF (NYSEARCA:PSIL)’s share price rose 4.4% on Thursday . The company traded as high as $23.00 and last traded at $22.67. 56,502 shares were traded during mid-day trading, an increase of 93% from the average session volume of 29,218 shares. The stock had previously closed at $21.72.

AdvisorShares Psychedelics ETF Price Performance

The company’s 50 day simple moving average is $20.35 and its 200-day simple moving average is $18.38.

Hedge Funds Weigh In On AdvisorShares Psychedelics ETF

An institutional investor recently raised its stake in AdvisorShares Psychedelics ETF stock. CIBC Private Wealth Group LLC grew its holdings in AdvisorShares Psychedelics ETF (NYSEARCA:PSIL) by 18.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 29,566 shares of the company’s stock after purchasing an additional 4,547 shares during the period. CIBC Private Wealth Group LLC owned about 2.51% of AdvisorShares Psychedelics ETF worth $508,000 as of its most recent filing with the Securities & Exchange Commission.

About AdvisorShares Psychedelics ETF

The AdvisorShares Psychedelics ETF (PSIL) is an exchange-traded fund that mostly invests in health care equity. The fund is actively managed to provide exposure to the emerging global psychedelics industry. PSIL was launched on Sep 15, 2021 and is managed by AdvisorShares.