Short Interest in Invesco Next Gen Connectivity ETF (NYSEARCA:KNCT) Expands By 819.6%

Invesco Next Gen Connectivity ETF (NYSEARCA:KNCT) saw a significant increase in short interest in the month of June. As of June 30th, there was short interest totaling 10,630 shares, an increase of 819.6% from the June 15th total of 1,156 shares. Currently, 1.3% of the shares of the stock are sold short. Based on an average trading volume of 4,940 shares, the days-to-cover ratio is currently 2.2 days.

Institutional Trading of Invesco Next Gen Connectivity ETF

Hedge funds have recently modified their holdings of the company. Hennion & Walsh Asset Management Inc. bought a new stake in Invesco Next Gen Connectivity ETF during the 4th quarter worth approximately $544,000. Truist Financial Corp acquired a new position in Invesco Next Gen Connectivity ETF in the fourth quarter worth $3,220,000. Nilsine Partners LLC acquired a new position in Invesco Next Gen Connectivity ETF in the fourth quarter worth $1,384,000. Wellington Shields & Co. LLC bought a new stake in shares of Invesco Next Gen Connectivity ETF during the fourth quarter worth $361,000. Finally, HighTower Advisors LLC bought a new stake in shares of Invesco Next Gen Connectivity ETF during the fourth quarter worth $21,522,000.

Invesco Next Gen Connectivity ETF Price Performance

Shares of KNCT traded down $1.56 during trading hours on Friday, hitting $201.49. The stock had a trading volume of 3,645 shares, compared to its average volume of 4,979. The stock has a market capitalization of $165.22 million, a price-to-earnings ratio of 24.46 and a beta of 1.11. The company’s fifty day moving average is $199.64 and its two-hundred day moving average is $163.90. Invesco Next Gen Connectivity ETF has a 52 week low of $113.50 and a 52 week high of $219.83.

About Invesco Next Gen Connectivity ETF

The Invesco Next Gen Connectivity ETF (KNCT) is an exchange-traded fund that mostly invests in information technology equity. The fund is passively managed, tracking an index comprised of stocks of companies that derive at least 50% of their revenue from future connectivity technologies and products globally. Fund holdings are selected and weighted based on amount of revenue tied to the segment and market capitalization KNCT was launched on Jun 23, 2005 and is issued by Invesco.