Short Interest in First Trust Dow Jones Internet Index Fund (NYSEARCA:FDN) Declines By 48.6%

First Trust Dow Jones Internet Index Fund (NYSEARCA:FDN) was the recipient of a large decline in short interest in April. As of April 30th, there was short interest totaling 237,797 shares, a decline of 48.6% from the April 15th total of 463,001 shares. Based on an average daily trading volume, of 570,044 shares, the days-to-cover ratio is currently 0.4 days. Approximately 1.2% of the company’s stock are short sold.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Quantinno Capital Management LP increased its stake in shares of First Trust Dow Jones Internet Index Fund by 54.5% during the 1st quarter. Quantinno Capital Management LP now owns 5,306 shares of the company’s stock worth $1,242,000 after purchasing an additional 1,872 shares during the last quarter. Gateway Wealth Partners LLC grew its stake in First Trust Dow Jones Internet Index Fund by 111.2% in the 1st quarter. Gateway Wealth Partners LLC now owns 22,073 shares of the company’s stock valued at $5,165,000 after buying an additional 11,624 shares during the last quarter. Everest Financial Group LLC acquired a new position in shares of First Trust Dow Jones Internet Index Fund during the 1st quarter worth approximately $272,000. RMG Wealth Management LLC acquired a new position in shares of First Trust Dow Jones Internet Index Fund during the 1st quarter worth approximately $77,000. Finally, Cassaday & Co Wealth Management LLC acquired a new position in First Trust Dow Jones Internet Index Fund in the first quarter valued at about $44,000. 70.10% of the stock is currently owned by institutional investors and hedge funds.

First Trust Dow Jones Internet Index Fund Price Performance

NYSEARCA:FDN traded down $0.11 on Friday, hitting $268.17. 1,157,454 shares of the company’s stock were exchanged, compared to its average volume of 609,497. The firm has a 50-day moving average price of $250.85 and a 200-day moving average price of $258.51. First Trust Dow Jones Internet Index Fund has a 52 week low of $224.46 and a 52 week high of $287.81. The company has a market cap of $5.35 billion, a P/E ratio of 32.59 and a beta of 1.21.

First Trust Dow Jones Internet Index Fund Company Profile

First Trust Dow Jones Internet Index Fund (the Fund) seeks investment results that correspond generally to the price and yield of an equity index called the Dow Jones Internet Composite Index (the Index). The Fund will normally invest at least 90% of its total assets in common stocks that comprise the Index. The Index represents companies that generate the majority of their revenues via the Internet. The Index aims to represent 80% of the float-adjusted Internet equity universe. The Index contains two sub-indexes, the Dow Jones Internet Commerce Index and the Dow Jones Internet Services Index.