AltShares Merger Arbitrage ETF (NYSEARCA:ARB) Stock Jumps 0.1% – What’s Next?

AltShares Merger Arbitrage ETF (NYSEARCA:ARB)’s share price rose 0.1% during trading on Thursday. The company traded as high as $30.11 and last traded at $30.09. 4,720 shares changed hands during trading, a decline of 72% from the average session volume of 17,084 shares. The stock had previously closed at $30.06.

AltShares Merger Arbitrage ETF Stock Performance

The company has a fifty day simple moving average of $29.80 and a two-hundred day simple moving average of $29.62. The stock has a market capitalization of $103.51 million, a price-to-earnings ratio of 15.43 and a beta of 0.05.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Allworth Financial LP lifted its position in AltShares Merger Arbitrage ETF by 34.8% during the second quarter. Allworth Financial LP now owns 3,815 shares of the company’s stock worth $113,000 after purchasing an additional 985 shares during the period. Royal Bank of Canada increased its holdings in AltShares Merger Arbitrage ETF by 66.9% in the 1st quarter. Royal Bank of Canada now owns 6,656 shares of the company’s stock valued at $196,000 after buying an additional 2,667 shares during the period. Apollon Wealth Management LLC bought a new position in AltShares Merger Arbitrage ETF in the 1st quarter valued at about $549,000. Bank of America Corp DE raised its position in shares of AltShares Merger Arbitrage ETF by 4.0% in the 1st quarter. Bank of America Corp DE now owns 29,637 shares of the company’s stock valued at $869,000 after buying an additional 1,128 shares in the last quarter. Finally, Columbus Macro LLC raised its position in shares of AltShares Merger Arbitrage ETF by 10.7% in the 1st quarter. Columbus Macro LLC now owns 32,505 shares of the company’s stock valued at $953,000 after buying an additional 3,152 shares in the last quarter. Institutional investors and hedge funds own 94.63% of the company’s stock.

AltShares Merger Arbitrage ETF Company Profile

The AltShares Merger Arbitrage ETF (ARB) is an exchange-traded fund that mostly invests in long\u002Fshort alternatives. The fund tracks a global USD-hedged index that uses a merger arbitrage strategy by providing long exposure to takeover targets and short exposure the acquiring company. ARB was launched on May 7, 2020 and is managed by Altshares.