VanEck Africa Index ETF (NYSEARCA:AFK) Sees Large Growth in Short Interest

VanEck Africa Index ETF (NYSEARCA:AFK) was the target of a large growth in short interest in the month of May. As of May 29th, there was short interest totaling 55,133 shares, a growth of 106.4% from the May 14th total of 26,708 shares. Approximately 1.2% of the shares of the company are sold short. Based on an average daily volume of 112,388 shares, the days-to-cover ratio is currently 0.5 days.

Hedge Funds Weigh In On VanEck Africa Index ETF

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AFK. Raymond James Financial Inc. acquired a new position in VanEck Africa Index ETF in the 2nd quarter valued at $110,000. Orion Porfolio Solutions LLC acquired a new position in VanEck Africa Index ETF in the 2nd quarter valued at $264,000. Wealthfront Advisers LLC acquired a new position in VanEck Africa Index ETF in the 3rd quarter valued at $227,000. Pekin Hardy Strauss Inc. acquired a new position in VanEck Africa Index ETF in the 3rd quarter valued at $311,000. Finally, Barometer Capital Management Inc. acquired a new position in VanEck Africa Index ETF in the 3rd quarter valued at $139,000.

VanEck Africa Index ETF Price Performance

AFK traded up $0.18 during trading on Friday, hitting $26.87. The stock had a trading volume of 11,772 shares, compared to its average volume of 87,231. The company has a 50 day moving average price of $27.30 and a 200-day moving average price of $27.18. The firm has a market cap of $120.92 million, a price-to-earnings ratio of 11.91 and a beta of 0.71. VanEck Africa Index ETF has a one year low of $19.00 and a one year high of $30.85.

VanEck Africa Index ETF Company Profile

The VanEck Africa Index ETF (AFK) is an exchange-traded fund that is based on the MVIS GDP Africa index, a GDP and market-cap-weighted index of companies generating a majority of their revenues in Africa. AFK was launched on Jul 10, 2008 and is managed by VanEck.