KraneShares Hang Seng TECH Index ETF (NYSEARCA:KTEC) Trading Down 1.4% – Here’s Why

KraneShares Hang Seng TECH Index ETF (NYSEARCA:KTEC) shares dropped 1.4% on Monday . The company traded as low as $16.75 and last traded at $16.82. Approximately 32,926 shares were traded during mid-day trading, a decline of 53% from the average daily volume of 69,537 shares. The stock had previously closed at $17.06.

KraneShares Hang Seng TECH Index ETF Price Performance

The stock has a market cap of $58.87 million, a P/E ratio of 56.07 and a beta of 0.48. The stock’s 50 day simple moving average is $18.15 and its two-hundred day simple moving average is $16.98.

Institutional Trading of KraneShares Hang Seng TECH Index ETF

Hedge funds and other institutional investors have recently modified their holdings of the company. Susquehanna International Group LLP bought a new stake in shares of KraneShares Hang Seng TECH Index ETF in the third quarter valued at about $350,000. Farther Finance Advisors LLC boosted its position in KraneShares Hang Seng TECH Index ETF by 48.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 17,944 shares of the company’s stock worth $341,000 after acquiring an additional 5,869 shares during the last quarter. Osaic Holdings Inc. acquired a new position in KraneShares Hang Seng TECH Index ETF during the 2nd quarter worth approximately $207,000. Strait & Sound Wealth Management LLC grew its stake in shares of KraneShares Hang Seng TECH Index ETF by 10.5% during the 2nd quarter. Strait & Sound Wealth Management LLC now owns 37,348 shares of the company’s stock worth $601,000 after acquiring an additional 3,534 shares in the last quarter. Finally, Jane Street Group LLC raised its holdings in shares of KraneShares Hang Seng TECH Index ETF by 268.8% in the first quarter. Jane Street Group LLC now owns 181,503 shares of the company’s stock valued at $2,946,000 after purchasing an additional 132,285 shares during the last quarter. Institutional investors and hedge funds own 63.86% of the company’s stock.

About KraneShares Hang Seng TECH Index ETF

The KraneShares Hang Seng TECH Index ETF (KTEC) is an exchange-traded fund that is based on the Hang Seng Tech index, a market-cap-weighted index of the 30 largest Chinese technology companies. KTEC was launched on Jun 9, 2021 and is managed by KraneShares.