First Trust Cloud Computing ETF (NASDAQ:SKYY) Sees Significant Growth in Short Interest

First Trust Cloud Computing ETF (NASDAQ:SKYY) was the target of a large increase in short interest in the month of August. As of August 14th, there was short interest totaling 224,176 shares, an increase of 104.4% from the July 30th total of 109,651 shares. Based on an average daily volume of 319,920 shares, the days-to-cover ratio is currently 0.7 days. Currently, 1.1% of the shares of the stock are sold short.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in SKYY. Parallel Advisors LLC grew its holdings in shares of First Trust Cloud Computing ETF by 97.0% in the 3rd quarter. Parallel Advisors LLC now owns 197 shares of the company’s stock worth $26,000 after acquiring an additional 97 shares during the period. Franklin Resources Inc. purchased a new stake in First Trust Cloud Computing ETF during the fourth quarter worth $33,000. Capital Advisors Ltd. LLC acquired a new stake in First Trust Cloud Computing ETF in the first quarter valued at $35,000. Russell Investments Group Ltd. increased its position in shares of First Trust Cloud Computing ETF by 177.9% in the fourth quarter. Russell Investments Group Ltd. now owns 289 shares of the company’s stock valued at $38,000 after buying an additional 185 shares in the last quarter. Finally, Continuum Advisory LLC purchased a new position in shares of First Trust Cloud Computing ETF in the second quarter valued at $40,000.

First Trust Cloud Computing ETF Stock Down 0.9%

Shares of SKYY opened at $165.14 on Friday. First Trust Cloud Computing ETF has a 52-week low of $103.76 and a 52-week high of $169.05. The company has a 50-day simple moving average of $145.23 and a 200-day simple moving average of $129.27. The company has a market capitalization of $3.30 billion, a PE ratio of 33.85 and a beta of 1.24.

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.