GraniteShares HIPS US High Income ETF (NYSEARCA:HIPS) Sees Large Drop in Short Interest

GraniteShares HIPS US High Income ETF (NYSEARCA:HIPS) was the target of a significant decline in short interest during the month of May. As of May 29th, there was short interest totaling 85,044 shares, a decline of 39.1% from the May 14th total of 139,709 shares. Based on an average daily volume of 70,610 shares, the days-to-cover ratio is currently 1.2 days. Currently, 1.0% of the shares of the stock are sold short.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Gateway Wealth Partners LLC purchased a new stake in GraniteShares HIPS US High Income ETF during the first quarter valued at about $126,000. Chicago Partners Investment Group LLC boosted its holdings in shares of GraniteShares HIPS US High Income ETF by 2.8% in the 1st quarter. Chicago Partners Investment Group LLC now owns 34,387 shares of the company’s stock worth $411,000 after purchasing an additional 926 shares in the last quarter. Maridea Wealth Management LLC increased its position in shares of GraniteShares HIPS US High Income ETF by 14.0% during the 1st quarter. Maridea Wealth Management LLC now owns 45,248 shares of the company’s stock valued at $523,000 after purchasing an additional 5,547 shares during the last quarter. Cetera Investment Advisers increased its position in shares of GraniteShares HIPS US High Income ETF by 9.8% during the 4th quarter. Cetera Investment Advisers now owns 83,911 shares of the company’s stock valued at $980,000 after purchasing an additional 7,492 shares during the last quarter. Finally, Kestra Advisory Services LLC purchased a new position in shares of GraniteShares HIPS US High Income ETF during the 4th quarter valued at about $112,000.

GraniteShares HIPS US High Income ETF Price Performance

Shares of NYSEARCA:HIPS opened at $11.50 on Wednesday. The company’s fifty day moving average price is $11.75 and its 200-day moving average price is $11.83. The firm has a market capitalization of $100.05 million, a price-to-earnings ratio of 11.61 and a beta of 0.63. GraniteShares HIPS US High Income ETF has a one year low of $11.39 and a one year high of $12.46.

About GraniteShares HIPS US High Income ETF

The GraniteShares HIPS US High Income ETF (HIPS) is an exchange-traded fund that is based on the TFMS HIPS index. The fund tracks an index of assets that tend to produce high income and pass through that income without being taxed at the constituent level. These include REITs, MLPs, BDCs and debt-based closed-end funds. HIPS was launched on Jan 6, 2015 and is managed by GraniteShares.