RiverFront Strategic Income Fund (NYSEARCA:RIGS) experienced a significant increase in short interest, rising by an impressive 467.6% during December 2023. As of December 15, the total short interest reached 4,393 shares, up from just 774 shares on November 30. This surge represents approximately 0.1% of the company’s total stock, indicating heightened investor activity.
The short-interest ratio currently stands at 0.3 days, based on an average daily trading volume of 16,991 shares. This metric reflects the number of days it would take for all short positions to be covered based on the stock’s trading activity, suggesting a relatively low level of short-selling compared to the overall market dynamics.
Institutional Investor Activity
In addition to the increase in short interest, institutional investments in RiverFront Strategic Income Fund have also seen notable movements. According to a recent 13F filing with the U.S. Securities and Exchange Commission (SEC), Janney Montgomery Scott LLC raised its stake in RIGS by 7.0% during the second quarter. The firm now holds 44,615 shares after acquiring an additional 2,912 shares during this period. This investment is valued at approximately $1,038,000, representing around 1.12% of the fund.
Current Stock Performance
On the trading floor, shares of RiverFront Strategic Income Fund opened at $23.06 on the most recent Friday. The fund’s performance has remained relatively stable, with a 50-day moving average price of $23.17 and a 200-day moving average price of $23.15. Over the past year, RIGS has seen fluctuations, hitting a 52-week low of $21.24 and a 52-week high of $24.32.
The RiverFront Strategic Income Fund is an exchange-traded fund that primarily invests in a diverse range of broad credit fixed-income securities. Launched on October 9, 2013, the fund is actively managed by RiverFront, focusing on global fixed-income investments without currency limitations.
As the market continues to evolve, investors and analysts will be keeping a close eye on the fund’s performance and institutional interest in the coming months.
