First Trust Cloud Computing ETF (NASDAQ:SKYY) Sees Large Volume Increase – Here’s Why

First Trust Cloud Computing ETF (NASDAQ:SKYY) shares saw unusually-high trading volume on Tuesday . Approximately 772,523 shares changed hands during mid-day trading, an increase of 238% from the previous session’s volume of 228,396 shares.The stock last traded at $128.2780 and had previously closed at $128.81.

First Trust Cloud Computing ETF Stock Performance

The firm has a market capitalization of $3.07 billion, a price-to-earnings ratio of 33.85 and a beta of 1.24. The firm’s 50-day moving average price is $136.03 and its two-hundred day moving average price is $125.24.

Hedge Funds Weigh In On First Trust Cloud Computing ETF

Hedge funds have recently added to or reduced their stakes in the stock. Kestra Private Wealth Services LLC increased its stake in shares of First Trust Cloud Computing ETF by 11.9% in the 1st quarter. Kestra Private Wealth Services LLC now owns 9,975 shares of the company’s stock valued at $1,020,000 after acquiring an additional 1,062 shares during the last quarter. IFP Advisors Inc grew its stake in First Trust Cloud Computing ETF by 224.7% in the first quarter. IFP Advisors Inc now owns 45,763 shares of the company’s stock valued at $4,678,000 after acquiring an additional 31,670 shares during the period. Y Intercept Hong Kong Ltd lifted its holdings in shares of First Trust Cloud Computing ETF by 261.5% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 11,578 shares of the company’s stock valued at $1,184,000 after purchasing an additional 8,375 shares in the last quarter. AE Wealth Management LLC grew its position in shares of First Trust Cloud Computing ETF by 3.5% in the 1st quarter. AE Wealth Management LLC now owns 8,691 shares of the company’s stock valued at $888,000 after purchasing an additional 297 shares during the period. Finally, Pinnacle Associates Ltd. increased its stake in First Trust Cloud Computing ETF by 2.9% during the 1st quarter. Pinnacle Associates Ltd. now owns 4,732 shares of the company’s stock worth $484,000 after purchasing an additional 133 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.