VanEck Steel ETF (NYSEARCA:SLX) Sees Large Growth in Short Interest

VanEck Steel ETF (NYSEARCA:SLX) saw a large increase in short interest during the month of May. As of May 15th, there was short interest totaling 158,344 shares, an increase of 352.8% from the April 30th total of 34,969 shares. Approximately 10.3% of the company’s stock are short sold. Based on an average daily trading volume, of 59,355 shares, the days-to-cover ratio is currently 2.7 days.

Hedge Funds Weigh In On VanEck Steel ETF

A number of hedge funds have recently added to or reduced their stakes in the business. LPL Financial LLC boosted its holdings in VanEck Steel ETF by 248.9% in the fourth quarter. LPL Financial LLC now owns 122,968 shares of the exchange traded fund’s stock worth $10,435,000 after purchasing an additional 87,726 shares during the period. Raymond James Financial Inc. boosted its holdings in VanEck Steel ETF by 3.9% in the third quarter. Raymond James Financial Inc. now owns 96,849 shares of the exchange traded fund’s stock worth $7,020,000 after purchasing an additional 3,655 shares during the period. UBS Group AG boosted its holdings in VanEck Steel ETF by 241.1% in the third quarter. UBS Group AG now owns 59,094 shares of the exchange traded fund’s stock worth $4,283,000 after purchasing an additional 41,768 shares during the period. Cetera Investment Advisers boosted its holdings in VanEck Steel ETF by 747.3% in the fourth quarter. Cetera Investment Advisers now owns 41,636 shares of the exchange traded fund’s stock worth $3,533,000 after purchasing an additional 36,722 shares during the period. Finally, Bank of America Corp DE boosted its holdings in VanEck Steel ETF by 12.5% in the first quarter. Bank of America Corp DE now owns 28,573 shares of the exchange traded fund’s stock worth $2,623,000 after purchasing an additional 3,171 shares during the period.

VanEck Steel ETF Trading Up 0.6%

VanEck Steel ETF stock opened at $111.02 on Friday. The stock has a market cap of $170.97 million, a P/E ratio of 14.09 and a beta of 1.21. The stock has a 50 day moving average of $99.92 and a 200-day moving average of $93.04. VanEck Steel ETF has a 52 week low of $61.37 and a 52 week high of $111.16.

VanEck Steel ETF Company Profile

Market Vectors Steel ETF (the Fund) seeks to replicate as closely as possible the price and yield performance of the NYSE Arca Steel Index (STEEL or the Index) by investing in a portfolio of securities that generally replicates STEEL. STEEL, calculated by the NYSE Alternext, is a modified market capitalization-weighted index consisting of publicly traded companies predominantly involved in the production of steel products or mining and processing of iron ore. The Index includes companies primarily involved in a variety of activities related to steel production, including the operation of manufacturing mills and fabrication of steel products.