First Trust NASDAQ-100 Equal Weighted Index Fund (NASDAQ:QQEW) Reaches New 52-Week High – Still a Buy?

First Trust NASDAQ-100 Equal Weighted Index Fund (NASDAQ:QQEW)’s share price reached a new 52-week high on Tuesday . The company traded as high as $163.83 and last traded at $163.4790, with a volume of 3975 shares changing hands. The stock had previously closed at $162.96.

First Trust NASDAQ-100 Equal Weighted Index Fund Stock Up 0.1%

The firm has a 50-day simple moving average of $156.28 and a 200-day simple moving average of $143.82. The stock has a market cap of $1.84 billion, a PE ratio of 27.18 and a beta of 1.08.

Institutional Investors Weigh In On First Trust NASDAQ-100 Equal Weighted Index Fund

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Wells Fargo & Company MN grew its stake in First Trust NASDAQ-100 Equal Weighted Index Fund by 8.6% during the fourth quarter. Wells Fargo & Company MN now owns 1,072,634 shares of the company’s stock valued at $152,453,000 after acquiring an additional 84,828 shares in the last quarter. LPL Financial LLC lifted its stake in First Trust NASDAQ-100 Equal Weighted Index Fund by 1.7% in the 4th quarter. LPL Financial LLC now owns 687,617 shares of the company’s stock worth $97,730,000 after purchasing an additional 11,494 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in First Trust NASDAQ-100 Equal Weighted Index Fund by 5,583.0% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 416,223 shares of the company’s stock worth $55,653,000 after purchasing an additional 408,899 shares in the last quarter. Royal Bank of Canada boosted its holdings in First Trust NASDAQ-100 Equal Weighted Index Fund by 2.4% in the 4th quarter. Royal Bank of Canada now owns 325,369 shares of the company’s stock valued at $46,245,000 after purchasing an additional 7,663 shares during the period. Finally, Gratus Wealth Advisors LLC boosted its holdings in First Trust NASDAQ-100 Equal Weighted Index Fund by 0.9% in the 4th quarter. Gratus Wealth Advisors LLC now owns 271,074 shares of the company’s stock valued at $38,528,000 after purchasing an additional 2,481 shares during the period.

About First Trust NASDAQ-100 Equal Weighted Index Fund

The First Trust NASDAQ-100 Equal Weighted Index Fund (QQEW) is an exchange-traded fund that is based on the NASDAQ-100 Equally Weighted index. The fund tracks an equal-weighted version of the NASDAQ 100. QQEW was launched on Apr 19, 2006 and is managed by First Trust.