Principal Spectrum Preferred Securities Active ETF (NYSEARCA:PREF) Stock Short Interest Drops 93.9%

Principal Spectrum Preferred Securities Active ETF (NYSEARCA:PREF) saw a large drop in short interest in October. As of October 30th, there was short interest totaling 163,803 shares, a drop of 93.9% from the October 15th total of 2,672,491 shares. Approximately 0.2% of the shares of the company are short sold. Based on an average trading volume of 665,881 shares, the days-to-cover ratio is currently 0.2 days.

Principal Spectrum Preferred Securities Active ETF Price Performance

Shares of NYSEARCA PREF traded down $0.11 during trading on Tuesday, reaching $18.45. The stock had a trading volume of 410,402 shares, compared to its average volume of 307,824. Principal Spectrum Preferred Securities Active ETF has a one year low of $18.16 and a one year high of $19.32. The firm’s 50 day moving average price is $18.46 and its two-hundred day moving average price is $18.86.

Hedge Funds Weigh In On Principal Spectrum Preferred Securities Active ETF

A number of hedge funds have recently added to or reduced their stakes in the business. Investment Partners LTD. bought a new stake in shares of Principal Spectrum Preferred Securities Active ETF during the 3rd quarter valued at about $3,873,000. Bank of America Corp DE raised its stake in Principal Spectrum Preferred Securities Active ETF by 4.4% during the first quarter. Bank of America Corp DE now owns 11,736,590 shares of the company’s stock worth $220,883,000 after acquiring an additional 491,520 shares during the period. Concurrent Investment Advisors LLC bought a new position in Principal Spectrum Preferred Securities Active ETF in the second quarter worth about $1,234,000. MassMutual Private Wealth & Trust FSB bought a new position in Principal Spectrum Preferred Securities Active ETF in the third quarter worth about $2,447,000. Finally, IFC Advisors LLC lifted its holdings in Principal Spectrum Preferred Securities Active ETF by 1.8% in the first quarter. IFC Advisors LLC now owns 2,730,332 shares of the company’s stock worth $51,385,000 after acquiring an additional 48,223 shares during the last quarter.

About Principal Spectrum Preferred Securities Active ETF

The Principal Spectrum Preferred Securities Active ETF (PREF) is an exchange-traded fund that mostly invests in broad credit fixed income. The fund is an actively managed fund with a primary focus on $1,000 par preferred securities. PREF was launched on Jul 10, 2017 and is managed by Principal.