First Trust Cloud Computing ETF (NASDAQ:SKYY) Sees Large Volume Increase – Time to Buy?

First Trust Cloud Computing ETF (NASDAQ:SKYY) shares saw unusually-high trading volume on Wednesday . Approximately 549,144 shares were traded during mid-day trading, an increase of 166% from the previous session’s volume of 206,752 shares.The stock last traded at $121.04 and had previously closed at $118.67.

First Trust Cloud Computing ETF Price Performance

The firm has a market capitalization of $3.74 billion, a P/E ratio of 33.21 and a beta of 1.06. The firm’s fifty day moving average price is $121.92 and its 200-day moving average price is $106.91.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Choreo LLC bought a new position in shares of First Trust Cloud Computing ETF during the 2nd quarter valued at about $270,000. Renaissance Technologies LLC bought a new position in shares of First Trust Cloud Computing ETF in the second quarter valued at $325,000. Mercer Global Advisors Inc. ADV lifted its position in shares of First Trust Cloud Computing ETF by 35.2% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 4,647 shares of the company’s stock valued at $444,000 after acquiring an additional 1,211 shares during the last quarter. Benjamin F. Edwards & Company Inc. boosted its stake in shares of First Trust Cloud Computing ETF by 0.3% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 53,563 shares of the company’s stock worth $5,117,000 after acquiring an additional 159 shares in the last quarter. Finally, AE Wealth Management LLC bought a new stake in shares of First Trust Cloud Computing ETF during the 2nd quarter worth $593,000.

About First Trust Cloud Computing ETF

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.