AltShares Merger Arbitrage ETF (NYSEARCA:ARB) Stock Price Up 0.1% – Here’s Why

AltShares Merger Arbitrage ETF (NYSEARCA:ARB) shares rose 0.1% during trading on Thursday. The stock traded as high as $30.11 and last traded at $30.09. 4,720 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 17,084 shares. The stock had previously closed at $30.06.

AltShares Merger Arbitrage ETF Trading Down 0.1%

The stock’s 50 day moving average price is $29.80 and its two-hundred day moving average price is $29.62. The firm has a market capitalization of $110.62 million, a PE ratio of 15.42 and a beta of 0.05.

Hedge Funds Weigh In On AltShares Merger Arbitrage ETF

A number of institutional investors and hedge funds have recently bought and sold shares of ARB. Envestnet Asset Management Inc. increased its holdings in 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 valued at $7,732,000 after buying an additional 16,389 shares during the period. Diversify Wealth Management LLC acquired a new position in AltShares Merger Arbitrage ETF in the first quarter valued at approximately $3,773,000. Dynamic Advisor Solutions LLC grew its holdings in AltShares Merger Arbitrage ETF by 23.6% during the second 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 during the period. Sonoma Allocations LLC increased its position in shares of AltShares Merger Arbitrage ETF by 12.0% during the first quarter. Sonoma Allocations LLC now owns 59,700 shares of the company’s stock worth $1,754,000 after acquiring an additional 6,406 shares in the last quarter. Finally, Cetera Investment Advisers lifted its stake in AltShares Merger Arbitrage ETF by 8.8% in the 1st quarter. Cetera Investment Advisers now owns 53,975 shares of the company’s stock valued at $1,583,000 after acquiring an additional 4,384 shares in the last quarter. Institutional investors own 94.63% of the company’s stock.

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.