First Trust Bloomberg Artificial Intelligence ETF (NYSEARCA:FAI) Sees Large Growth in Short Interest

First Trust Bloomberg Artificial Intelligence ETF (NYSEARCA:FAI) saw a significant growth in short interest in the month of September. As of September 30th, there was short interest totaling 791,535 shares, a growth of 9,515.3% from the September 15th total of 8,232 shares. Approximately 18.4% of the company’s stock are short sold. Based on an average daily trading volume, of 96,304 shares, the days-to-cover ratio is presently 8.2 days.

First Trust Bloomberg Artificial Intelligence ETF Stock Performance

NYSEARCA FAI traded up $0.68 on Friday, reaching $58.36. The company had a trading volume of 48,990 shares, compared to its average volume of 38,597. The firm has a market capitalization of $250.95 million, a price-to-earnings ratio of 33.52 and a beta of 2.11. The company’s fifty day moving average is $54.97 and its 200-day moving average is $50.77. First Trust Bloomberg Artificial Intelligence ETF has a 1-year low of $35.54 and a 1-year high of $59.21.

Hedge Funds Weigh In On First Trust Bloomberg Artificial Intelligence ETF

A number of large investors have recently modified their holdings of the business. Envestnet Asset Management Inc. bought a new position in shares of First Trust Bloomberg Artificial Intelligence ETF in the second quarter valued at $12,763,000. Bullseye Investment Management LLC bought a new position in First Trust Bloomberg Artificial Intelligence ETF in the 2nd quarter valued at about $8,062,000. Kestra Advisory Services LLC increased its stake in shares of First Trust Bloomberg Artificial Intelligence ETF by 24.5% during the first quarter. Kestra Advisory Services LLC now owns 133,131 shares of the company’s stock worth $4,952,000 after purchasing an additional 26,211 shares during the period. RFG Advisory LLC acquired a new stake in shares of First Trust Bloomberg Artificial Intelligence ETF during the second quarter worth $959,000. Finally, IFP Advisors Inc acquired a new stake in First Trust Bloomberg Artificial Intelligence ETF in the 2nd quarter worth about $665,000.

First Trust Bloomberg Artificial Intelligence ETF Company Profile

The First Trust Bloomberg Artificial Intelligence ETF (FAI) is an exchange-traded fund that mostly invests in stocks based on a particular theme. The fund tracks a market cap-weighted index of companies in the artificial intelligence AI industry. It comprises the top 50 securities globally by revenue and themes assessments. FAI was launched on Nov 20, 2024 and is issued by First Trust.