AltShares Merger Arbitrage ETF (NYSEARCA:ARB) Shares Climb 0.2% – Should You Buy?

AltShares Merger Arbitrage ETF (NYSEARCA:ARB)’s share price shot up 0.2% during trading on Thursday. The company traded as high as $30.23 and last traded at $30.11. 18,248 shares changed hands during mid-day trading, an increase of 12% from the average session volume of 16,335 shares. The stock had previously closed at $30.06.

AltShares Merger Arbitrage ETF Price Performance

The firm has a market capitalization of $110.80 million, a P/E ratio of 15.44 and a beta of 0.05. The company has a fifty day moving average of $29.90 and a 200 day moving average of $29.54.

Institutional Investors Weigh In On AltShares Merger Arbitrage ETF

Institutional investors have recently modified their holdings of the company. Envestnet Asset Management Inc. raised its position in shares of AltShares Merger Arbitrage ETF by 6.7% in the 2nd quarter. Envestnet Asset Management Inc. now owns 260,941 shares of the company’s stock worth $7,732,000 after acquiring an additional 16,389 shares in the last quarter. Diversify Wealth Management LLC acquired a new position in shares of AltShares Merger Arbitrage ETF in the 1st quarter valued at about $3,773,000. Dynamic Advisor Solutions LLC boosted its position in shares of AltShares Merger Arbitrage ETF by 23.6% during the 2nd quarter. Dynamic Advisor Solutions LLC now owns 88,589 shares of the company’s stock valued at $2,625,000 after purchasing an additional 16,904 shares in the last quarter. Sonoma Allocations LLC boosted its position in shares of AltShares Merger Arbitrage ETF by 12.0% during the 1st quarter. Sonoma Allocations LLC now owns 59,700 shares of the company’s stock valued at $1,754,000 after purchasing an additional 6,406 shares in the last quarter. Finally, Cetera Investment Advisers boosted its position in shares of AltShares Merger Arbitrage ETF by 8.8% during the 1st quarter. Cetera Investment Advisers now owns 53,975 shares of the company’s stock valued at $1,583,000 after purchasing an additional 4,384 shares in the last quarter. 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.