Principal Value ETF (NASDAQ:PY) Sees Significant Drop in Short Interest

Principal Value ETF (NASDAQ:PY) was the recipient of a significant drop in short interest during the month of October. As of October 15th, there was short interest totaling 10,774 shares, a drop of 39.3% from the September 30th total of 17,750 shares. Approximately 0.3% of the shares of the company are short sold. Based on an average daily volume of 26,486 shares, the days-to-cover ratio is currently 0.4 days.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Integrity Wealth Partners LLC purchased a new position in shares of Principal Value ETF in the first quarter worth approximately $308,000. Envestnet Asset Management Inc. raised its stake in Principal Value ETF by 15.9% during the 2nd quarter. Envestnet Asset Management Inc. now owns 1,470,675 shares of the company’s stock valued at $79,271,000 after purchasing an additional 201,803 shares during the period. Finally, Principal Financial Group Inc. raised its stake in Principal Value ETF by 155.0% during the 1st quarter. Principal Financial Group Inc. now owns 1,973,436 shares of the company’s stock valued at $101,636,000 after purchasing an additional 1,199,677 shares during the period.

Principal Value ETF Price Performance

NASDAQ:PY traded down $0.33 during midday trading on Tuesday, reaching $58.42. 1,698 shares of the company traded hands, compared to its average volume of 19,672. The firm has a market capitalization of $243.63 million, a price-to-earnings ratio of 17.40 and a beta of 0.84. The company has a fifty day moving average price of $57.44 and a 200 day moving average price of $54.74. Principal Value ETF has a twelve month low of $50.08 and a twelve month high of $59.09.

Principal Value ETF Company Profile

The Principal Value ETF (PY) is an exchange-traded fund that mostly invests in total market equity. The fund utilizes a proprietary quantitative model to actively invest in large- and mid-cap companies that exhibit higher degrees of shareholder yield. PY was launched on Mar 21, 2016 and is managed by Principal.