NYLI Merger Arbitrage ETF (NYSEARCA:MNA) Trading Up 0.2% – Still a Buy?

NYLI Merger Arbitrage ETF (NYSEARCA:MNA) was up 0.2% during trading on Monday . The company traded as high as $32.89 and last traded at $32.87. Approximately 26,376 shares changed hands during mid-day trading, a decline of 46% from the average daily volume of 49,195 shares. The stock had previously closed at $32.80.

NYLI Merger Arbitrage ETF Price Performance

The company has a market cap of $282.66 million, a P/E ratio of 17.60 and a beta of 0.15. The stock has a 50-day moving average of $32.86 and a 200 day moving average of $32.22.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of MNA. B. Riley Wealth Advisors Inc. raised its holdings in NYLI Merger Arbitrage ETF by 69.5% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 473,974 shares of the company’s stock valued at $14,973,000 after buying an additional 194,374 shares during the last quarter. Comerica Bank boosted its stake in shares of NYLI Merger Arbitrage ETF by 1,562.1% in the 1st quarter. Comerica Bank now owns 1,712 shares of the company’s stock valued at $54,000 after purchasing an additional 1,609 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of NYLI Merger Arbitrage ETF during the 2nd quarter valued at $168,000. Diversify Advisory Services LLC acquired a new position in shares of NYLI Merger Arbitrage ETF during the 2nd quarter valued at $214,000. Finally, Cantor Fitzgerald Investment Advisors L.P. lifted its position in shares of NYLI Merger Arbitrage ETF by 8.8% during the 2nd quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 65,532 shares of the company’s stock valued at $2,071,000 after acquiring an additional 5,274 shares during the period.

About NYLI Merger Arbitrage ETF

The IQ Merger Arbitrage ETF (MNA) is an exchange-traded fund that is based on the IQ Merger Arbitrage index. The fund tracks an index that uses a merger arbitrage strategy with long exposure to takeover targets and short exposure to broad global equity indexes. MNA was launched on Nov 17, 2009 and is managed by IndexIQ.