VanEck Steel ETF (NYSEARCA:SLX) Shares Cross Above Two Hundred Day Moving Average – Time to Sell?

VanEck Steel ETF (NYSEARCA:SLX) shares crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $82.65 and traded as high as $94.80. VanEck Steel ETF shares last traded at $93.18, with a volume of 67,147 shares changing hands.

VanEck Steel ETF Trading Down 2.7%

The stock has a market cap of $185.43 million, a price-to-earnings ratio of 14.09 and a beta of 1.33. The firm’s 50 day moving average is $94.27 and its two-hundred day moving average is $82.65.

Hedge Funds Weigh In On VanEck Steel ETF

Several institutional investors and hedge funds have recently modified their holdings of SLX. Highline Wealth Partners LLC purchased a new stake in VanEck Steel ETF in the 3rd quarter worth approximately $25,000. Geneos Wealth Management Inc. purchased a new stake in shares of VanEck Steel ETF in the third quarter valued at $30,000. Farther Finance Advisors LLC increased its stake in VanEck Steel ETF by 288.5% in the fourth 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 purchased a new position in VanEck Steel ETF during the fourth quarter worth about $72,000. Finally, CoreCap Advisors LLC boosted its stake in VanEck Steel ETF by 286.6% in the 4th quarter. CoreCap Advisors LLC now owns 924 shares of the exchange traded fund’s stock worth $78,000 after buying an additional 685 shares during the last quarter.

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.