ProShares Merger ETF (BATS:MRGR – Get Free Report) was the target of a large decrease in short interest in the month of October. As of October 30th, there was short interest totaling 1,146 shares, a decrease of 53.2% from the October 15th total of 2,448 shares. Currently, 0.3% of the shares of the company are sold short. Based on an average daily volume of 1,612 shares, the days-to-cover ratio is currently 0.7 days.
ProShares Merger ETF Price Performance
Shares of BATS MRGR traded up $0.10 during mid-day trading on Friday, hitting $45.86. The company had a trading volume of 8,767 shares, compared to its average volume of 1,859. The stock has a market cap of $16.05 million, a price-to-earnings ratio of 24.24 and a beta of 0.03. ProShares Merger ETF has a 12 month low of $44.37 and a 12 month high of $46.22. The firm’s 50 day simple moving average is $45.35 and its two-hundred day simple moving average is $45.22.
Institutional Inflows and Outflows
A number of institutional investors have recently added to or reduced their stakes in the stock. Kestra Advisory Services LLC increased its position in ProShares Merger ETF by 11.6% in the first quarter. Kestra Advisory Services LLC now owns 5,319 shares of the company’s stock worth $240,000 after buying an additional 553 shares during the period. City Center Advisors LLC increased its position in ProShares Merger ETF by 24.0% in the second quarter. City Center Advisors LLC now owns 7,541 shares of the company’s stock worth $343,000 after buying an additional 1,460 shares during the period. Finally, Royal Bank of Canada lifted its stake in ProShares Merger ETF by 83.6% in the first quarter. Royal Bank of Canada now owns 38,550 shares of the company’s stock valued at $1,738,000 after buying an additional 17,558 shares during the last quarter.
About ProShares Merger ETF
The ProShares Merger ETF (MRGR) is an exchange-traded fund that is based on the S&P Merger Arbitrage index. The fund tracks an index of developed-market equities involved in merger deals, with long exposure to target firms and short exposure to acquiring firms. The fund is net long and hedges FX risk. MRGR was launched on Dec 11, 2012 and is managed by ProShares.
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