Short Interest in Alger AI Enablers & Adopters ETF (NYSEARCA:ALAI) Expands By 107.5%
by Renee Jackson · The Cerbat GemAlger AI Enablers & Adopters ETF (NYSEARCA:ALAI – Get Free Report) was the target of a large growth in short interest during the month of March. As of March 31st, there was short interest totaling 117,634 shares, a growth of 107.5% from the March 15th total of 56,683 shares. Based on an average daily volume of 80,432 shares, the short-interest ratio is currently 1.5 days. Currently, 1.4% of the shares of the stock are short sold.
Alger AI Enablers & Adopters ETF Stock Performance
Shares of ALAI traded up $0.93 during midday trading on Tuesday, hitting $37.82. 87,257 shares of the company traded hands, compared to its average volume of 90,611. The firm has a 50 day moving average of $34.22 and a 200-day moving average of $35.96. The stock has a market cap of $321.47 million, a price-to-earnings ratio of 29.71 and a beta of 1.85. Alger AI Enablers & Adopters ETF has a 52 week low of $20.89 and a 52 week high of $39.26.
Institutional Trading of Alger AI Enablers & Adopters ETF
Several hedge funds have recently made changes to their positions in the business. Wealth Effects LLC raised its position in shares of Alger AI Enablers & Adopters ETF by 4.6% during the 4th quarter. Wealth Effects LLC now owns 9,445 shares of the company’s stock valued at $341,000 after buying an additional 413 shares in the last quarter. Colonial River Investments LLC raised its position in shares of Alger AI Enablers & Adopters ETF by 1.7% during the 4th quarter. Colonial River Investments LLC now owns 30,779 shares of the company’s stock valued at $1,111,000 after buying an additional 520 shares in the last quarter. Prospect Financial Services LLC raised its position in shares of Alger AI Enablers & Adopters ETF by 10.3% during the 4th quarter. Prospect Financial Services LLC now owns 7,552 shares of the company’s stock valued at $273,000 after buying an additional 707 shares in the last quarter. Farther Finance Advisors LLC raised its position in shares of Alger AI Enablers & Adopters ETF by 198.4% during the 4th quarter. Farther Finance Advisors LLC now owns 1,283 shares of the company’s stock valued at $46,000 after buying an additional 853 shares in the last quarter. Finally, Kestra Advisory Services LLC purchased a new stake in shares of Alger AI Enablers & Adopters ETF during the 4th quarter valued at about $33,000.
Alger AI Enablers & Adopters ETF Company Profile
The Alger AI Enablers & Adopters ETF (ALAI) is an exchange-traded fund that mostly invests in stocks based on a particular theme. The fund is actively managed, investing in firms benefiting from developing, integrating or enabling artificial intelligence (AI) technology. The fund seeks long-term capital growth through fundamental research ALAI was launched on Apr 4, 2024 and is issued by Alger.