First Trust Cloud Computing ETF (NASDAQ:SKYY) Sees Strong Trading Volume – Time to Buy?

Shares of First Trust Cloud Computing ETF (NASDAQ:SKYY) saw unusually-high trading volume on Wednesday . Approximately 549,144 shares were traded during mid-day trading, an increase of 166% from the previous session’s volume of 206,752 shares.The stock last traded at $121.04 and had previously closed at $118.67.

First Trust Cloud Computing ETF Price Performance

The business has a fifty day moving average price of $121.68 and a 200 day moving average price of $106.71. The company has a market capitalization of $3.70 billion, a price-to-earnings ratio of 33.21 and a beta of 1.06.

Institutional Trading of First Trust Cloud Computing ETF

A number of institutional investors have recently made changes to their positions in SKYY. International Assets Investment Management LLC raised its holdings in First Trust Cloud Computing ETF by 11,038.7% during the third quarter. International Assets Investment Management LLC now owns 412,243 shares of the company’s stock worth $42,156,000 after purchasing an additional 408,542 shares in the last quarter. PNC Financial Services Group Inc. increased its position in shares of First Trust Cloud Computing ETF by 86.2% during the 3rd quarter. PNC Financial Services Group Inc. now owns 177,430 shares of the company’s stock valued at $18,144,000 after purchasing an additional 82,121 shares during the period. Benjamin Edwards Inc. acquired a new stake in shares of First Trust Cloud Computing ETF in the third quarter valued at $5,373,000. Plotkin Financial Advisors LLC acquired a new stake in shares of First Trust Cloud Computing ETF in the third quarter valued at $3,062,000. Finally, Private Advisor Group LLC boosted its stake in First Trust Cloud Computing ETF by 20.6% during the third quarter. Private Advisor Group LLC now owns 120,366 shares of the company’s stock valued at $12,309,000 after buying an additional 20,559 shares in the last quarter.

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.