KraneShares Hang Seng TECH Index ETF (NYSEARCA:KTEC) Stock Price Down 1.4% – Here’s Why

KraneShares Hang Seng TECH Index ETF (NYSEARCA:KTEC)’s stock price were down 1.4% on Monday . The company traded as low as $16.75 and last traded at $16.82. Approximately 32,926 shares changed hands during mid-day trading, a decline of 53% from the average daily volume of 69,537 shares. The stock had previously closed at $17.06.

KraneShares Hang Seng TECH Index ETF Price Performance

The firm has a market capitalization of $57.44 million, a P/E ratio of 54.70 and a beta of 0.48. The firm’s fifty day moving average price is $18.13 and its 200-day moving average price is $16.99.

Hedge Funds Weigh In On KraneShares Hang Seng TECH Index ETF

Several hedge funds have recently modified their holdings of the company. Susquehanna International Group LLP bought a new stake in shares of KraneShares Hang Seng TECH Index ETF in the 3rd quarter worth $350,000. Farther Finance Advisors LLC grew its holdings in KraneShares Hang Seng TECH Index ETF by 48.6% during the third quarter. Farther Finance Advisors LLC now owns 17,944 shares of the company’s stock worth $341,000 after acquiring an additional 5,869 shares during the period. Osaic Holdings Inc. bought a new stake in KraneShares Hang Seng TECH Index ETF in the second quarter worth about $207,000. Strait & Sound Wealth Management LLC raised its position in KraneShares Hang Seng TECH Index ETF by 10.5% in the second quarter. Strait & Sound Wealth Management LLC now owns 37,348 shares of the company’s stock worth $601,000 after acquiring an additional 3,534 shares in the last quarter. Finally, Jane Street Group LLC lifted its holdings in KraneShares Hang Seng TECH Index ETF by 268.8% in the 1st quarter. Jane Street Group LLC now owns 181,503 shares of the company’s stock valued at $2,946,000 after acquiring an additional 132,285 shares during the last quarter. 63.86% of the stock is currently owned by institutional investors and hedge funds.

About KraneShares Hang Seng TECH Index ETF

The KraneShares Hang Seng TECH Index ETF (KTEC) is an exchange-traded fund that is based on the Hang Seng Tech index, a market-cap-weighted index of the 30 largest Chinese technology companies. KTEC was launched on Jun 9, 2021 and is managed by KraneShares.