The abrdn Physical Platinum Shares ETF (NYSEARCA:PPLT) has experienced a notable increase in short interest, reflecting heightened market activity. As of December 31, 2023, short interest in PPLT surged to **1,114,684 shares**, representing a **141.5%** increase from **461,527 shares** recorded on December 15. This surge indicates that approximately **7.3%** of the ETF’s shares are currently sold short.
The current average daily trading volume stands at **1,988,545 shares**, resulting in a days-to-cover ratio of **0.6 days**. This metric suggests that if all short sellers were to buy back their shares simultaneously, it would take less than a day to cover their positions.
Stock Performance and Recent Trends
On the trading front, PPLT opened at **$211.65** on Wednesday. The ETF has shown significant volatility over the past year, with a low of **$82.79** and a high of **$225.71**. Currently, the stock’s **50-day moving average** price is **$167.99**, while the **200-day moving average** price is **$144.56**. This performance highlights the ETF’s potential for both growth and risk.
Institutional Investor Activity
Recent trading activity among institutional investors has further influenced PPLT’s market dynamics. **DAVENPORT & Co LLC** dramatically increased its holdings in the ETF by **2,768.2%** during the second quarter. The firm now owns **86,046 shares** valued at approximately **$10,572,000** after acquiring an additional **83,046 shares**.
Additionally, **CENTRAL TRUST Co** raised its position in PPLT by **24.3%**, bringing its total to **318,113 shares** worth **$39,087,000**. Other notable investors include **Intrepid Family Office LLC**, which purchased a new stake valued at **$6,144,000**, and **Arkadios Wealth Advisors**, acquiring shares worth **$5,257,000**. **Raymond James Financial Inc.** also increased its holdings by **188.5%**, now owning **63,278 shares** valued at **$7,775,000**. Collectively, institutional investors and hedge funds now control **20.03%** of PPLT’s shares.
The abrdn Physical Platinum Shares ETF, launched on **January 8, 2010**, tracks the platinum spot price as determined by the **Platinum London PM Fix index**, less trust expenses. Managed by **Abrdn**, the ETF aims to provide investors exposure to platinum bullion, a precious metal often used in industrial applications and jewelry.
As market conditions evolve, the increased short interest and significant institutional activity in PPLT suggest that investors are closely monitoring platinum’s performance, reflecting broader trends in the commodity markets.
