iShares MSCI South Korea ETF (NYSEARCA:EWY) Shares Gap Down – Should You Sell?

Shares of iShares MSCI South Korea ETF (NYSEARCA:EWY) gapped down before the market opened on Tuesday . The stock had previously closed at $133.81, but opened at $127.31. iShares MSCI South Korea ETF shares last traded at $128.77, with a volume of 5,367,835 shares traded.

iShares MSCI South Korea ETF Trading Down 3.4%

The company has a 50-day moving average of $127.93 and a 200-day moving average of $103.48. The company has a market capitalization of $12.72 billion, a price-to-earnings ratio of 10.35 and a beta of 1.22.

Hedge Funds Weigh In On iShares MSCI South Korea ETF

Several hedge funds have recently modified their holdings of EWY. B. Riley Wealth Advisors Inc. acquired a new stake in iShares MSCI South Korea ETF during the third quarter worth about $394,000. ABC Arbitrage SA purchased a new stake in iShares MSCI South Korea ETF in the 3rd quarter worth approximately $512,000. Cullen Capital Management LLC boosted its position in iShares MSCI South Korea ETF by 94.0% in the 2nd quarter. Cullen Capital Management LLC now owns 196,402 shares of the exchange traded fund’s stock worth $14,098,000 after purchasing an additional 95,185 shares in the last quarter. Cibc World Market Inc. grew its stake in shares of iShares MSCI South Korea ETF by 6.2% during the 3rd quarter. Cibc World Market Inc. now owns 81,215 shares of the exchange traded fund’s stock worth $6,505,000 after purchasing an additional 4,733 shares during the period. Finally, Diversify Advisory Services LLC acquired a new stake in shares of iShares MSCI South Korea ETF during the 3rd quarter worth approximately $689,000. Institutional investors and hedge funds own 49.22% of the company’s stock.

About iShares MSCI South Korea ETF

iShares MSCI South Korea Capped ETF (the Fund) is an exchange-traded fund (ETF). The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Korea 25/50 Index (the Index). The Index consists of stocks traded primarily on the Stock Market Division of the Korean Exchange. The Index is a free-float adjusted market capitalization weighted index with a capping methodology applied to issuer weights so that no issuer of a component exceeds 25% of the Index weight and all issuers with weight above 5% do not exceed 50% of the Index weight.