First Trust Long/Short Equity ETF (NYSEARCA:FTLS) Sees Large Volume Increase – Still a Buy?

Shares of First Trust Long/Short Equity ETF (NYSEARCA:FTLS) saw strong trading volume on Tuesday . Approximately 468,770 shares traded hands during mid-day trading, an increase of 303% from the previous session’s volume of 116,212 shares.The stock last traded at $75.72 and had previously closed at $75.07.

First Trust Long/Short Equity ETF Price Performance

The business has a 50 day moving average price of $74.38 and a 200 day moving average price of $72.64. The stock has a market capitalization of $2.49 billion, a PE ratio of 21.59 and a beta of 0.50.

Hedge Funds Weigh In On First Trust Long/Short Equity ETF

Hedge funds have recently added to or reduced their stakes in the company. Tidemark LLC bought a new stake in shares of First Trust Long/Short Equity ETF in the fourth quarter worth approximately $29,000. Jones Financial Companies Lllp boosted its holdings in First Trust Long/Short Equity ETF by 1,462.5% in the first quarter. Jones Financial Companies Lllp now owns 500 shares of the company’s stock worth $30,000 after purchasing an additional 468 shares during the last quarter. Rossby Financial LCC grew its position in First Trust Long/Short Equity ETF by 25.4% in the 4th quarter. Rossby Financial LCC now owns 869 shares of the company’s stock worth $62,000 after purchasing an additional 176 shares during the period. Cassaday & Co Wealth Management LLC bought a new stake in First Trust Long/Short Equity ETF in the 1st quarter worth approximately $75,000. Finally, Cullen Frost Bankers Inc. raised its stake in First Trust Long/Short Equity ETF by 801.8% during the 4th quarter. Cullen Frost Bankers Inc. now owns 1,470 shares of the company’s stock valued at $104,000 after buying an additional 1,307 shares during the last quarter.

About First Trust Long/Short Equity ETF

The First Trust Long\u002FShort Equity ETF (FTLS) is an exchange-traded fund that mostly invests in long\u002Fshort alternatives. The fund takes both long and short position in US-listed equity with US and foreign exposure. The actively managed funds will typically be 90-100% long and 0-50% short. FTLS was launched on Sep 9, 2014 and is managed by First Trust.