Short Interest in First Trust Cloud Computing ETF (NASDAQ:SKYY) Drops By 53.4%

First Trust Cloud Computing ETF (NASDAQ:SKYY) was the recipient of a large decrease in short interest in February. As of February 28th, there was short interest totalling 104,200 shares, a decrease of 53.4% from the February 13th total of 223,500 shares. Based on an average daily volume of 253,100 shares, the short-interest ratio is currently 0.4 days. Approximately 0.3% of the shares of the company are sold short.

First Trust Cloud Computing ETF Price Performance

Shares of NASDAQ:SKYY traded up $3.80 during midday trading on Friday, hitting $107.27. The company had a trading volume of 194,770 shares, compared to its average volume of 164,379. The company has a market cap of $3.30 billion, a price-to-earnings ratio of 32.02 and a beta of 1.06. First Trust Cloud Computing ETF has a 12-month low of $83.45 and a 12-month high of $131.54. The company has a fifty day moving average of $121.73 and a two-hundred day moving average of $114.74.

Institutional Investors Weigh In On First Trust Cloud Computing ETF

Hedge funds and other institutional investors have recently modified their holdings of the stock. Raymond James Financial Inc. purchased a new stake in First Trust Cloud Computing ETF in the 4th quarter worth $32,119,000. Prudential PLC purchased a new stake in First Trust Cloud Computing ETF in the 4th quarter worth $27,124,000. Envestnet Asset Management Inc. increased its stake in First Trust Cloud Computing ETF by 157.8% in the 4th quarter. Envestnet Asset Management Inc. now owns 232,972 shares of the company’s stock worth $27,752,000 after buying an additional 142,620 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in First Trust Cloud Computing ETF by 86.2% in the 3rd quarter. PNC Financial Services Group Inc. now owns 177,430 shares of the company’s stock worth $18,144,000 after buying an additional 82,121 shares in the last quarter. Finally, Wells Fargo & Company MN increased its stake in First Trust Cloud Computing ETF by 26.5% in the 4th quarter. Wells Fargo & Company MN now owns 378,613 shares of the company’s stock worth $45,100,000 after buying an additional 79,365 shares in the last quarter.

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.