Short Interest in AltShares Merger Arbitrage ETF (NYSEARCA:ARB) Declines By 70.8%

AltShares Merger Arbitrage ETF (NYSEARCA:ARB) was the recipient of a large drop in short interest in August. As of August 14th, there was short interest totaling 6,795 shares, a drop of 70.8% from the July 30th total of 23,266 shares. Approximately 0.2% of the shares of the stock are sold short. Based on an average daily volume of 21,821 shares, the days-to-cover ratio is presently 0.3 days.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Diversify Advisory Services LLC raised its stake in AltShares Merger Arbitrage ETF by 76.8% during the second quarter. Diversify Advisory Services LLC now owns 110,195 shares of the company’s stock worth $3,175,000 after acquiring an additional 47,879 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of AltShares Merger Arbitrage ETF in the 2nd quarter valued at approximately $2,800,000. Jane Street Group LLC bought a new stake in shares of AltShares Merger Arbitrage ETF during the 2nd quarter valued at approximately $363,000. Advisory Services Network LLC bought a new stake in shares of AltShares Merger Arbitrage ETF during the 2nd quarter valued at approximately $1,580,000. Finally, New York Life Investment Management LLC increased its position in AltShares Merger Arbitrage ETF by 2.8% during the 4th quarter. New York Life Investment Management LLC now owns 371,772 shares of the company’s stock worth $10,807,000 after purchasing an additional 10,118 shares in the last quarter. Institutional investors own 94.63% of the company’s stock.

AltShares Merger Arbitrage ETF Stock Down 0.5%

Shares of ARB traded down $0.14 during midday trading on Friday, hitting $29.75. The company’s stock had a trading volume of 5,027 shares, compared to its average volume of 15,520. AltShares Merger Arbitrage ETF has a one year low of $28.30 and a one year high of $32.48. The company’s fifty day simple moving average is $29.66 and its two-hundred day simple moving average is $29.49. The stock has a market capitalization of $102.34 million, a price-to-earnings ratio of 15.26 and a beta of 0.05.

About AltShares Merger Arbitrage ETF

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.