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

First Trust Cloud Computing ETF (NASDAQ:SKYY) saw an uptick in trading volume on Wednesday . 262,638 shares changed hands during mid-day trading, an increase of 56% from the previous session’s volume of 168,840 shares.The stock last traded at $112.6730 and had previously closed at $113.98.

First Trust Cloud Computing ETF Stock Down 1.9%

The company’s 50-day moving average is $128.41 and its two-hundred day moving average is $129.72. The company has a market capitalization of $2.50 billion, a P/E ratio of 33.85 and a beta of 1.24.

Institutional Trading of First Trust Cloud Computing ETF

A number of hedge funds have recently made changes to their positions in the stock. BNP Paribas Financial Markets grew its position in First Trust Cloud Computing ETF by 803.8% in the third quarter. BNP Paribas Financial Markets now owns 107,608 shares of the company’s stock worth $14,465,000 after acquiring an additional 95,702 shares in the last quarter. Envestnet Asset Management Inc. boosted its holdings in shares of First Trust Cloud Computing ETF by 61.1% in the 3rd quarter. Envestnet Asset Management Inc. now owns 154,904 shares of the company’s stock worth $20,822,000 after purchasing an additional 58,740 shares in the last quarter. B. Riley Wealth Advisors Inc. bought a new position in shares of First Trust Cloud Computing ETF during the 2nd quarter valued at about $3,238,000. Marshall Wace LLP purchased a new position in shares of First Trust Cloud Computing ETF during the 2nd quarter valued at about $3,175,000. Finally, Warner Group LLC purchased a new position in shares of First Trust Cloud Computing ETF during the 3rd quarter valued at about $3,279,000.

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.