First Trust Cloud Computing ETF (NASDAQ:SKYY) Sees Unusually-High Trading Volume – What’s Next?

First Trust Cloud Computing ETF (NASDAQ:SKYY) shares saw an uptick in trading volume on Wednesday . 1,013,306 shares changed hands during mid-day trading, an increase of 230% from the previous session’s volume of 307,484 shares.The stock last traded at $148.31 and had previously closed at $153.09.

First Trust Cloud Computing ETF Stock Down 3.0%

The stock has a market cap of $3.06 billion, a price-to-earnings ratio of 33.85 and a beta of 1.19. The company’s 50-day simple moving average is $120.69 and its 200-day simple moving average is $122.02.

Hedge Funds Weigh In On First Trust Cloud Computing ETF

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Parallel Advisors LLC boosted its stake in First Trust Cloud Computing ETF by 1,206.0% in the 1st quarter. Parallel Advisors LLC now owns 2,181 shares of the company’s stock worth $239,000 after purchasing an additional 2,014 shares during the period. Unconventional Investor LLC boosted its stake in First Trust Cloud Computing ETF by 64.6% in the 1st quarter. Unconventional Investor LLC now owns 3,291 shares of the company’s stock worth $360,000 after purchasing an additional 1,291 shares during the period. Arkadios Wealth Advisors boosted its stake in First Trust Cloud Computing ETF by 2.6% in the 1st quarter. Arkadios Wealth Advisors now owns 4,577 shares of the company’s stock worth $501,000 after purchasing an additional 116 shares during the period. Royal Bank of Canada boosted its stake in First Trust Cloud Computing ETF by 12.7% in the 1st quarter. Royal Bank of Canada now owns 212,254 shares of the company’s stock worth $23,212,000 after purchasing an additional 23,847 shares during the period. Finally, Gateway Wealth Partners LLC boosted its stake in First Trust Cloud Computing ETF by 83.2% in the 1st quarter. Gateway Wealth Partners LLC now owns 34,452 shares of the company’s stock worth $3,768,000 after purchasing an additional 15,644 shares during the period.

First Trust Cloud Computing ETF Company Profile

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.