Convergence Long/Short Equity ETF (BATS:CLSE) Sees Large Increase in Short Interest

Convergence Long/Short Equity ETF (BATS:CLSE) saw a large increase in short interest in the month of August. As of August 14th, there was short interest totaling 385,490 shares, an increase of 336.5% from the July 30th total of 88,314 shares. Based on an average trading volume of 399,062 shares, the short-interest ratio is currently 1.0 days. Approximately 4.8% of the company’s stock are sold short.

Hedge Funds Weigh In On Convergence Long/Short Equity ETF

Several hedge funds have recently modified their holdings of CLSE. Janney Montgomery Scott LLC grew its holdings in shares of Convergence Long/Short Equity ETF by 24.6% in the first quarter. Janney Montgomery Scott LLC now owns 438,249 shares of the company’s stock valued at $12,332,000 after purchasing an additional 86,464 shares in the last quarter. Worth Asset Management LLC purchased a new position in Convergence Long/Short Equity ETF during the second quarter valued at approximately $1,260,000. Cornerstone Planning Group LLC purchased a new position in shares of Convergence Long/Short Equity ETF in the 1st quarter worth approximately $822,000. Legacy Financial Advisors Inc. acquired a new stake in Convergence Long/Short Equity ETF in the second quarter worth about $1,112,000. Finally, Bank of New York Mellon Corp raised its stake in shares of Convergence Long/Short Equity ETF by 32.2% in the first quarter. Bank of New York Mellon Corp now owns 11,520 shares of the company’s stock worth $324,000 after purchasing an additional 2,804 shares during the last quarter.

Convergence Long/Short Equity ETF Trading Up 0.6%

Shares of CLSE opened at $33.64 on Friday. The company has a market cap of $269.79 million, a price-to-earnings ratio of 18.57 and a beta of 0.61. The business’s fifty day simple moving average is $33.80 and its two-hundred day simple moving average is $31.70. Convergence Long/Short Equity ETF has a 12 month low of $24.14 and a 12 month high of $34.76.

About Convergence Long/Short Equity ETF

The Convergence Long\u002FShort Equity ETF (CLSE) is an exchange-traded fund that mostly invests in long\u002Fshort alternatives. The fund establishes both long and short positions in US stocks. The actively managed fund intends to maintain a 50%-100% net long exposure. CLSE was launched on Dec 29, 2009 and is managed by Convergence.