VanEck Digital Transformation ETF (NASDAQ:DAPP) Shares Down 1% – Here’s Why

VanEck Digital Transformation ETF (NASDAQ:DAPP)’s share price dropped 1% during trading on Wednesday . The company traded as low as $18.92 and last traded at $19.12. 367,422 shares traded hands during mid-day trading, a decline of 54% from the average session volume of 792,254 shares. The stock had previously closed at $19.32.

VanEck Digital Transformation ETF Stock Performance

The firm has a market capitalization of $253.72 million, a price-to-earnings ratio of 2.89 and a beta of 3.44. The company has a 50 day moving average price of $20.33 and a two-hundred day moving average price of $18.60.

Institutional Investors Weigh In On VanEck Digital Transformation ETF

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of America Corp DE lifted its holdings in VanEck Digital Transformation ETF by 285.8% during the third quarter. Bank of America Corp DE now owns 402,699 shares of the company’s stock valued at $8,759,000 after purchasing an additional 298,321 shares in the last quarter. Jane Street Group LLC increased its stake in shares of VanEck Digital Transformation ETF by 179.1% during the first quarter. Jane Street Group LLC now owns 396,256 shares of the company’s stock worth $3,578,000 after purchasing an additional 254,265 shares in the last quarter. Geneos Wealth Management Inc. increased its stake in shares of VanEck Digital Transformation ETF by 3,446.1% during the second quarter. Geneos Wealth Management Inc. now owns 124,396 shares of the company’s stock worth $2,059,000 after purchasing an additional 120,888 shares in the last quarter. Corient Private Wealth LLC increased its stake in shares of VanEck Digital Transformation ETF by 100.0% during the second quarter. Corient Private Wealth LLC now owns 191,390 shares of the company’s stock worth $3,168,000 after purchasing an additional 95,695 shares in the last quarter. Finally, IHT Wealth Management LLC acquired a new position in shares of VanEck Digital Transformation ETF during the 4th quarter worth about $1,398,000.

About VanEck Digital Transformation ETF

The VanEck Digital Transformation ETF (DAPP) is an exchange-traded fund that is based on the MVIS Global Digital Assets Equity index, a market-cap-weighted index of global innovative companies that are involved in the digitalization of the worlds economy through a diverse range of digital assets. DAPP was launched on Apr 12, 2021 and is managed by VanEck.