Franklin Intelligent Machines ETF (BATS:IQM) Sees Large Decrease in Short Interest

Franklin Intelligent Machines ETF (BATS:IQM) saw a significant decrease in short interest in October. As of October 15th, there was short interest totaling 1,270 shares, a decrease of 60.9% from the September 30th total of 3,245 shares. Currently, 0.3% of the company’s shares are short sold. Based on an average trading volume of 1,810 shares, the days-to-cover ratio is currently 0.7 days.

Franklin Intelligent Machines ETF Stock Down 5.7%

Shares of IQM stock opened at $93.13 on Friday. The stock has a fifty day moving average of $105.05 and a 200 day moving average of $103.92. Franklin Intelligent Machines ETF has a 52 week low of $79.59 and a 52 week high of $126.21. The firm has a market capitalization of $41.91 million, a price-to-earnings ratio of 47.30 and a beta of 1.46.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Members Advisory Group LLC lifted its position in shares of Franklin Intelligent Machines ETF by 404.9% in the 2nd quarter. Members Advisory Group LLC now owns 196,751 shares of the company’s stock worth $24,434,000 after purchasing an additional 157,782 shares during the period. Cetera Investment Advisers boosted its stake in shares of Franklin Intelligent Machines ETF by 116.3% during the 1st quarter. Cetera Investment Advisers now owns 90,839 shares of the company’s stock valued at $8,035,000 after purchasing an additional 48,843 shares in the last quarter. Envestnet Asset Management Inc. boosted its stake in shares of Franklin Intelligent Machines ETF by 1,048.7% during the 2nd quarter. Envestnet Asset Management Inc. now owns 47,729 shares of the company’s stock valued at $5,927,000 after purchasing an additional 43,574 shares in the last quarter. Diversify Wealth Management LLC purchased a new position in shares of Franklin Intelligent Machines ETF during the first quarter valued at about $959,000. Finally, Howard Financial Services LTD. purchased a new position in shares of Franklin Intelligent Machines ETF during the second quarter valued at about $532,000.

About Franklin Intelligent Machines ETF

The Franklin Intelligent Machines ETF (IQM) is an exchange-traded fund that is based on the Russell 3000 index. The fund is an actively managed portfolio of global equity securities of companies that are relevant to intelligent machines. IQM was launched on Feb 25, 2020 and is managed by Franklin Templeton.