Alger AI Enablers & Adopters ETF (NYSEARCA:ALAI) Stock Short Interest Jumps 116.6%

Alger AI Enablers & Adopters ETF (NYSEARCA:ALAI) was the recipient of a large growth in short interest in October. As of October 15th, there was short interest totaling 36,555 shares, a growth of 116.6% from the September 30th total of 16,878 shares. Based on an average daily volume of 62,204 shares, the days-to-cover ratio is currently 0.6 days. Currently, 0.1% of the company’s stock are sold short.

Alger AI Enablers & Adopters ETF Stock Performance

NYSEARCA ALAI traded down $2.45 during trading hours on Friday, hitting $40.96. The company had a trading volume of 142,711 shares, compared to its average volume of 83,666. The company has a market cap of $2.36 billion, a PE ratio of 29.71 and a beta of 1.89. The business has a 50 day moving average of $45.21 and a 200-day moving average of $41.09. Alger AI Enablers & Adopters ETF has a 1-year low of $30.84 and a 1-year high of $48.36.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Private Advisor Group LLC lifted its position in shares of Alger AI Enablers & Adopters ETF by 143.9% during the first quarter. Private Advisor Group LLC now owns 46,842 shares of the company’s stock worth $1,548,000 after purchasing an additional 27,639 shares during the last quarter. Ocean Park Asset Management LLC acquired a new position in Alger AI Enablers & Adopters ETF during the second quarter worth about $6,405,000. Western Pacific Wealth Management LP boosted its stake in shares of Alger AI Enablers & Adopters ETF by 354.6% during the 3rd quarter. Western Pacific Wealth Management LP now owns 49,169 shares of the company’s stock worth $2,285,000 after acquiring an additional 38,354 shares in the last quarter. Arkadios Wealth Advisors grew its position in Alger AI Enablers & Adopters ETF by 35.9% during the 1st quarter. Arkadios Wealth Advisors now owns 1,155,852 shares of the company’s stock worth $38,189,000 after purchasing an additional 305,456 shares in the last quarter. Finally, Sunrise Financial Services LLC boosted its stake in shares of Alger AI Enablers & Adopters ETF by 11.1% during the 3rd quarter. Sunrise Financial Services LLC now owns 130,369 shares of the company’s stock valued at $6,058,000 after buying an additional 13,036 shares during the period.

Alger AI Enablers & Adopters ETF Company Profile

The Alger AI Enablers & Adopters ETF (ALAI) is an exchange-traded fund that mostly invests in stocks based on a particular theme. The fund is actively managed, investing in firms benefiting from developing, integrating or enabling artificial intelligence (AI) technology. The fund seeks long-term capital growth through fundamental research ALAI was launched on Apr 4, 2024 and is issued by Alger.