AltShares Merger Arbitrage ETF (NYSEARCA:ARB) Sees Significant Decline in Short Interest

AltShares Merger Arbitrage ETF (NYSEARCA:ARB) was the target of a significant decline in short interest in the month of June. As of June 30th, there was short interest totaling 4,561 shares, a decline of 70.7% from the June 15th total of 15,588 shares. Based on an average daily volume of 8,385 shares, the short-interest ratio is presently 0.5 days. Approximately 0.1% of the company’s shares are sold short.

AltShares Merger Arbitrage ETF Stock Performance

NYSEARCA:ARB traded down $0.15 during mid-day trading on Friday, hitting $29.71. The company had a trading volume of 5,765 shares, compared to its average volume of 16,030. AltShares Merger Arbitrage ETF has a fifty-two week low of $28.30 and a fifty-two week high of $30.97. The business’s fifty day moving average is $29.57 and its two-hundred day moving average is $29.33. The firm has a market cap of $104.58 million, a P/E ratio of 15.24 and a beta of 0.05.

Institutional Trading of AltShares Merger Arbitrage ETF

A number of institutional investors and hedge funds have recently modified their holdings of ARB. Kestra Advisory Services LLC acquired a new stake in shares of AltShares Merger Arbitrage ETF in the 4th quarter valued at approximately $50,000. Royal Bank of Canada grew its holdings in AltShares Merger Arbitrage ETF by 66.9% during the first quarter. Royal Bank of Canada now owns 6,656 shares of the company’s stock valued at $196,000 after purchasing an additional 2,667 shares during the period. Prosperity Bancshares Inc bought a new stake in AltShares Merger Arbitrage ETF in the fourth quarter valued at approximately $262,000. Jane Street Group LLC bought a new stake in AltShares Merger Arbitrage ETF in the second quarter valued at approximately $363,000. Finally, Apollon Wealth Management LLC acquired a new stake in AltShares Merger Arbitrage ETF in the first quarter worth $549,000. 94.63% of the stock is owned by institutional investors.

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.