First Trust Dow Jones Internet Index Fund (NYSEARCA:FDN) Sees Significant Increase in Short Interest

First Trust Dow Jones Internet Index Fund (NYSEARCA:FDN) was the target of a large growth in short interest in the month of March. As of March 13th, there was short interest totaling 507,594 shares, a growth of 89.4% from the February 26th total of 267,967 shares. Currently, 2.1% of the company’s stock are short sold. Based on an average daily trading volume, of 696,526 shares, the days-to-cover ratio is presently 0.7 days.

First Trust Dow Jones Internet Index Fund Price Performance

Shares of First Trust Dow Jones Internet Index Fund stock traded down $4.89 on Thursday, reaching $233.81. 373,237 shares of the company were exchanged, compared to its average volume of 626,273. The stock’s 50 day moving average price is $246.72 and its 200-day moving average price is $265.17. First Trust Dow Jones Internet Index Fund has a 1-year low of $191.37 and a 1-year high of $287.81. The company has a market cap of $5.65 billion, a P/E ratio of 32.59 and a beta of 1.16.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. raised its holdings in shares of First Trust Dow Jones Internet Index Fund by 10,327.0% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 969,394 shares of the company’s stock valued at $260,941,000 after purchasing an additional 960,097 shares in the last quarter. UBS Group AG grew its stake in shares of First Trust Dow Jones Internet Index Fund by 21.7% during the third quarter. UBS Group AG now owns 879,200 shares of the company’s stock worth $246,035,000 after purchasing an additional 156,607 shares in the last quarter. LPL Financial LLC grew its stake in shares of First Trust Dow Jones Internet Index Fund by 5.6% during the fourth quarter. LPL Financial LLC now owns 839,143 shares of the company’s stock worth $225,881,000 after purchasing an additional 44,692 shares in the last quarter. Bank of America Corp DE increased its holdings in First Trust Dow Jones Internet Index Fund by 3.0% in the third quarter. Bank of America Corp DE now owns 719,528 shares of the company’s stock valued at $201,353,000 after buying an additional 21,083 shares during the last quarter. Finally, Millennium Management LLC increased its holdings in First Trust Dow Jones Internet Index Fund by 84.6% in the third quarter. Millennium Management LLC now owns 650,113 shares of the company’s stock valued at $181,928,000 after buying an additional 297,881 shares during the last quarter. Institutional investors and hedge funds own 70.10% of the company’s stock.

First Trust Dow Jones Internet Index Fund Company Profile

First Trust Dow Jones Internet Index Fund (the Fund) seeks investment results that correspond generally to the price and yield of an equity index called the Dow Jones Internet Composite Index (the Index). The Fund will normally invest at least 90% of its total assets in common stocks that comprise the Index. The Index represents companies that generate the majority of their revenues via the Internet. The Index aims to represent 80% of the float-adjusted Internet equity universe. The Index contains two sub-indexes, the Dow Jones Internet Commerce Index and the Dow Jones Internet Services Index.