The India Fund, Inc. (NYSE:IFN – Get Free Report) was the target of a significant drop in short interest in the month of May. As of May 15th, there was short interest totalling 1,730,000 shares, a drop of 13.5% from the April 30th total of 2,000,000 shares. Based on an average daily volume of 229,000 shares, the short-interest ratio is presently 7.6 days.
Hedge Funds Weigh In On The India Fund
Several institutional investors have recently made changes to their positions in IFN. National Bank of Canada FI boosted its position in The India Fund by 233.3% during the fourth quarter. National Bank of Canada FI now owns 2,000 shares of the investment management company’s stock valued at $37,000 after purchasing an additional 1,400 shares in the last quarter. Avantax Advisory Services Inc. bought a new stake in The India Fund during the third quarter valued at about $212,000. Western Wealth Management LLC bought a new stake in The India Fund during the fourth quarter valued at about $215,000. Focus Financial Network Inc. ADV bought a new stake in The India Fund during the fourth quarter valued at about $238,000. Finally, American Institute for Advanced Investment Management LLP bought a new stake in The India Fund during the fourth quarter valued at about $245,000. Hedge funds and other institutional investors own 10.76% of the company’s stock.
The India Fund Stock Performance
Shares of The India Fund stock traded down $0.23 during trading on Friday, hitting $17.27. 373,983 shares of the stock traded hands, compared to its average volume of 241,706. The India Fund has a 52-week low of $15.30 and a 52-week high of $21.25. The stock’s fifty day simple moving average is $18.57 and its 200 day simple moving average is $18.81.
The India Fund Increases Dividend
About The India Fund
The India Fund, Inc is a close ended equity mutual fund launched and managed by Aberdeen Standard Investments (Asia) Limited. The fund invests in public equity markets of India. It seeks to invest in stocks of small-cap, mid-cap, and large-cap companies. The fund employs a quantitative and fundamental analysis with a bottom-up stock picking and asset allocation approach to create its portfolio.
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