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

First Trust Cloud Computing ETF (NASDAQ:SKYY) shares saw unusually-strong trading volume on Tuesday . Approximately 1,070,614 shares were traded during trading, an increase of 242% from the previous session’s volume of 313,210 shares.The stock last traded at $134.70 and had previously closed at $139.95.

First Trust Cloud Computing ETF Stock Down 2.9%

The stock has a market capitalization of $2.80 billion, a PE ratio of 33.85 and a beta of 1.24. The company has a 50-day moving average of $124.18 and a 200 day moving average of $122.55.

Institutional Trading of First Trust Cloud Computing ETF

Several large investors have recently made changes to their positions in SKYY. Parallel Advisors LLC increased its position in shares of First Trust Cloud Computing ETF by 97.0% during the third quarter. Parallel Advisors LLC now owns 197 shares of the company’s stock worth $26,000 after purchasing an additional 97 shares in the last quarter. N.E.W. Advisory Services LLC purchased a new stake in shares of First Trust Cloud Computing ETF during the fourth quarter worth approximately $30,000. Franklin Resources Inc. purchased a new stake in shares of First Trust Cloud Computing ETF during the fourth quarter worth approximately $33,000. Capital Advisors Ltd. LLC purchased a new stake in shares of First Trust Cloud Computing ETF during the first quarter worth approximately $35,000. Finally, Russell Investments Group Ltd. increased its position in shares of First Trust Cloud Computing ETF by 177.9% during the fourth quarter. Russell Investments Group Ltd. now owns 289 shares of the company’s stock worth $38,000 after purchasing an additional 185 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.