Alger AI Enablers & Adopters ETF (NYSEARCA:ALAI) Hits New 12-Month High – Here’s Why

Alger AI Enablers & Adopters ETF (NYSEARCA:ALAI)’s stock price hit a new 52-week high on Monday . The stock traded as high as $46.89 and last traded at $46.89, with a volume of 33473 shares trading hands. The stock had previously closed at $45.73.

Alger AI Enablers & Adopters ETF Stock Performance

The company’s 50 day moving average price is $44.38 and its 200-day moving average price is $41.58. The stock has a market cap of $1.34 billion, a P/E ratio of 29.71 and a beta of 1.92.

Hedge Funds Weigh In On Alger AI Enablers & Adopters ETF

Several hedge funds have recently modified their holdings of the company. Integrated Wealth Concepts LLC lifted its holdings in Alger AI Enablers & Adopters ETF by 5.9% during the second quarter. Integrated Wealth Concepts LLC now owns 10,125 shares of the company’s stock worth $462,000 after acquiring an additional 565 shares during the period. NWM Advisors LLC grew its stake in Alger AI Enablers & Adopters ETF by 7.3% in the 2nd quarter. NWM Advisors LLC now owns 79,266 shares of the company’s stock valued at $3,618,000 after purchasing an additional 5,371 shares during the period. PCG Wealth Advisors LLC increased its position in shares of Alger AI Enablers & Adopters ETF by 4.3% during the 2nd quarter. PCG Wealth Advisors LLC now owns 35,845 shares of the company’s stock valued at $1,636,000 after purchasing an additional 1,472 shares during the last quarter. XML Financial LLC increased its position in shares of Alger AI Enablers & Adopters ETF by 5.5% during the 2nd quarter. XML Financial LLC now owns 6,625 shares of the company’s stock valued at $302,000 after purchasing an additional 345 shares during the last quarter. Finally, Ocean Park Asset Management LLC bought a new stake in shares of Alger AI Enablers & Adopters ETF during the 2nd quarter worth $6,405,000.

About Alger AI Enablers & Adopters ETF

The Alger AI Enablers & Adopters ETF (ALAI) is an exchange-traded fund that mostly invests in stocks based on a particular theme. The fund is actively managed, investing in firms benefiting from developing, integrating or enabling artificial intelligence (AI) technology. The fund seeks long-term capital growth through fundamental research ALAI was launched on Apr 4, 2024 and is issued by Alger.