The First Trust Cloud Computing ETF (NASDAQ:SKYY – Get Rating) benefited from a significant drop in short-term interest rates in November. As of November 15, there was short interest totaling 216,400 shares, a decrease of 20.2% from the total of 271,200 shares as of October 31. Based on an average daily trading volume of 459,500 shares, the day-to-cover ratio is currently 0.5 days.
Hedge funds weigh in on First Trust Cloud Computing ETF
Several institutional investors have recently increased or reduced their stake in SKYY. Bank of America Corp DE increased its position in First Trust Cloud Computing ETF shares by 16.5% in the first quarter. Bank of America Corp DE now owns 23,070,487 shares of the company worth $2,088,340,000 after purchasing an additional 3,269,191 shares during the period. Royal Bank of Canada increased its position in shares of the First Trust Cloud Computing ETF by 6.8% during the third quarter. Royal Bank of Canada now owns 251,177 shares of the company worth $15,174,000 after purchasing an additional 16,064 shares during the period. Cambridge Investment Research Advisors Inc. increased its position in shares of the First Trust Cloud Computing ETF by 3.4% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 195,624 shares of the company worth $11,818,000 after purchasing an additional 6,458 shares during the period. Commonwealth Equity Services LLC increased its position in First Trust Cloud Computing ETF shares by 7.9% during the third quarter. Commonwealth Equity Services LLC now owns 171,514 shares of the company worth $10,361,000 after purchasing an additional 12,588 shares during the period. Finally, Envestnet Asset Management Inc. increased its position in First Trust Cloud Computing ETF shares by 6.7% during the second quarter. Envestnet Asset Management Inc. now owns 162,210 shares of the company worth $10,690,000 after purchasing an additional 10,142 shares during the period.
First Trust Cloud Computing ETF Price Performance
SKYY traded $1.09 during Thursday trading, hitting $63.90. The company’s shares had a trading volume of 359,561 shares, compared to an average volume of 534,853. The First Trust Cloud Computing ETF has a 12-month low of $55.01 and a 12-month high of $108.40. The stock’s fifty-day moving average price is $61.17 and its 200-day moving average price is $66.44.
First Trust Cloud Computing ETF cuts dividends
The company also recently declared a quarterly dividend, which was paid on Friday, September 30. Shareholders of record on Monday, September 26 received a dividend of $0.011. This represents an annualized dividend of $0.04 and a yield of 0.07%. The ex-dividend date was Friday, September 23.
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