iShares MSCI UAE ETF (NASDAQ:UAE) Shares Down 1.3% – Here’s Why

iShares MSCI UAE ETF (NASDAQ:UAE) dropped 1.3% on Thursday. The stock traded as low as $19.66 and last traded at $19.81. 478,236 shares changed hands during mid-day trading, an increase of 4% from the average session volume of 457,834 shares. The stock had previously closed at $20.07.

iShares MSCI UAE ETF Stock Performance

The firm’s 50-day simple moving average is $19.64 and its 200 day simple moving average is $19.27. The company has a market cap of $315.97 million, a P/E ratio of 10.93 and a beta of 0.42.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Envestnet Asset Management Inc. raised its holdings in iShares MSCI UAE ETF by 27.1% in the second quarter. Envestnet Asset Management Inc. now owns 74,359 shares of the company’s stock worth $1,414,000 after purchasing an additional 15,842 shares during the period. BlueCrest Capital Management Ltd acquired a new position in shares of iShares MSCI UAE ETF in the 2nd quarter valued at $1,783,000. Corient Private Wealth LP acquired a new position in shares of iShares MSCI UAE ETF in the 2nd quarter valued at $257,000. Rothschild Capital Partners LLC bought a new stake in shares of iShares MSCI UAE ETF in the 2nd quarter valued at $67,000. Finally, Blue Edge Capital LLC bought a new stake in shares of iShares MSCI UAE ETF in the 2nd quarter valued at $13,733,000.

iShares MSCI UAE ETF Company Profile

The iShares MSCI UAE ETF (UAE) is an exchange-traded fund that mostly invests in total market equity. The fund tracks a market-cap-weighted index of large-, mid and small-cap UAE companies. UAE was launched on Apr 29, 2014 and is managed by BlackRock.