Short Interest in VanEck Steel ETF (NYSEARCA:SLX) Declines By 63.9%

VanEck Steel ETF (NYSEARCA:SLX) was the target of a large decrease in short interest during the month of May. As of May 29th, there was short interest totaling 57,139 shares, a decrease of 63.9% from the May 14th total of 158,344 shares. Based on an average daily volume of 78,417 shares, the short-interest ratio is currently 0.7 days. Currently, 3.7% of the company’s shares are short sold.

Hedge Funds Weigh In On VanEck Steel ETF

Large investors have recently modified their holdings of the business. Farther Finance Advisors LLC lifted its stake in shares of VanEck Steel ETF by 288.5% in the 4th quarter. Farther Finance Advisors LLC now owns 610 shares of the exchange traded fund’s stock valued at $52,000 after purchasing an additional 453 shares during the last quarter. Kestra Advisory Services LLC acquired a new position in shares of VanEck Steel ETF in the 4th quarter valued at $72,000. CoreCap Advisors LLC lifted its stake in shares of VanEck Steel ETF by 286.6% in the 4th quarter. CoreCap Advisors LLC now owns 924 shares of the exchange traded fund’s stock valued at $78,000 after purchasing an additional 685 shares during the last quarter. Advisors Preferred LLC acquired a new position in shares of VanEck Steel ETF in the 4th quarter valued at $80,000. Finally, Fifth Third Bancorp acquired a new position in shares of VanEck Steel ETF in the 1st quarter valued at $110,000.

VanEck Steel ETF Stock Performance

Shares of VanEck Steel ETF stock traded up $1.81 during trading hours on Friday, hitting $110.85. The company’s stock had a trading volume of 49,174 shares, compared to its average volume of 59,302. VanEck Steel ETF has a twelve month low of $63.23 and a twelve month high of $114.00. The firm has a fifty day moving average of $104.40 and a 200-day moving average of $95.35. The stock has a market cap of $170.71 million, a price-to-earnings ratio of 14.09 and a beta of 1.22.

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.