First Trust Cloud Computing ETF (NASDAQ:SKYY) Sees Strong Trading Volume – Should You Buy?

First Trust Cloud Computing ETF (NASDAQ:SKYY) saw strong trading volume on Tuesday . 1,070,614 shares were traded during mid-day trading, an increase of 242% from the previous session’s volume of 313,210 shares.The stock last traded at $134.70 and had previously closed at $139.95.

First Trust Cloud Computing ETF Trading Down 2.9%

The company has a fifty day simple moving average of $124.18 and a 200-day simple moving average of $122.55. The company has a market capitalization of $2.80 billion, a PE ratio of 33.85 and a beta of 1.24.

Institutional Trading of First Trust Cloud Computing ETF

Several large investors have recently added to or reduced their stakes in SKYY. Parallel Advisors LLC grew its holdings in First Trust Cloud Computing ETF by 97.0% in the 3rd quarter. Parallel Advisors LLC now owns 197 shares of the company’s stock valued at $26,000 after buying an additional 97 shares in the last quarter. N.E.W. Advisory Services LLC purchased a new stake in First Trust Cloud Computing ETF in the 4th quarter valued at $30,000. Franklin Resources Inc. purchased a new stake in First Trust Cloud Computing ETF in the 4th quarter valued at $33,000. Capital Advisors Ltd. LLC purchased a new stake in First Trust Cloud Computing ETF in the 1st quarter valued at $35,000. Finally, Russell Investments Group Ltd. grew its holdings in First Trust Cloud Computing ETF by 177.9% in the 4th quarter. Russell Investments Group Ltd. now owns 289 shares of the company’s stock valued at $38,000 after buying an additional 185 shares in the last quarter.

First Trust Cloud Computing ETF Company Profile

The First Trust Cloud Computing ETF (SKYY) is an exchange-traded fund that is based on the ISE Cloud Computing index. The fund tracks an index of companies involved in the cloud computing industry. Stocks are modified-equally-weighted capped at 4.5%. SKYY was launched on Jul 5, 2011 and is managed by First Trust.