Reaves Utility Income Fund (NYSEAMERICAN:UTG) Stock Short Interest Jumps 107.0%

Reaves Utility Income Fund (NYSEAMERICAN:UTG) was the target of a significant growth in short interest in the month of September. As of September 15th, there was short interest totaling 160,925 shares, a growth of 107.0% from the August 31st total of 77,741 shares. Based on an average trading volume of 340,768 shares, the short-interest ratio is currently 0.5 days.

Hedge Funds Weigh In On Reaves Utility Income Fund

Institutional investors and hedge funds have recently bought and sold shares of the stock. Integrated Wealth Concepts LLC increased its position in Reaves Utility Income Fund by 30.1% in the second quarter. Integrated Wealth Concepts LLC now owns 16,920 shares of the closed-end fund’s stock worth $689,000 after buying an additional 3,913 shares in the last quarter. NewEdge Advisors LLC lifted its position in shares of Reaves Utility Income Fund by 111.4% during the 2nd quarter. NewEdge Advisors LLC now owns 172,636 shares of the closed-end fund’s stock valued at $7,030,000 after buying an additional 90,986 shares in the last quarter. IFP Advisors Inc grew its stake in shares of Reaves Utility Income Fund by 34.6% during the 2nd quarter. IFP Advisors Inc now owns 3,157 shares of the closed-end fund’s stock valued at $129,000 after acquiring an additional 812 shares during the period. Allworth Financial LP grew its stake in shares of Reaves Utility Income Fund by 41.3% during the 2nd quarter. Allworth Financial LP now owns 7,076 shares of the closed-end fund’s stock valued at $288,000 after acquiring an additional 2,068 shares during the period. Finally, Readystate Asset Management LP purchased a new stake in Reaves Utility Income Fund in the 2nd quarter worth approximately $605,000.

Reaves Utility Income Fund Trading Up 1.2%

Shares of Reaves Utility Income Fund stock opened at $34.29 on Wednesday. Reaves Utility Income Fund has a 1-year low of $33.53 and a 1-year high of $43.90. The company’s fifty day simple moving average is $38.00 and its 200-day simple moving average is $40.04.

About Reaves Utility Income Fund

Reaves Utility Income Fund, Inc is a closed-end investment company listed on the NYSE American under the symbol UTG. The fund seeks to provide a high level of current income and long-term growth of capital by investing primarily in companies involved in the utility and infrastructure industries.

Its portfolio may include electric, gas and water utilities, telecommunications companies, energy infrastructure businesses, and other issuers whose operations are linked to essential services.