First Trust Mid Cap Growth AlphaDEX Fund (NASDAQ:FNY) Sets New 12-Month High - Still a Buy?

Key Points

• The First Trust Mid Cap Growth AlphaDEX Fund (NASDAQ:FNY) reached a new 52-week high at $93.81, indicating strong market interest.
• Institutional investment is growing, with several hedge funds acquiring new stakes in the fund during the first quarter, indicating confidence in its performance.
• The fund tracks a tiered equal-weighted index of mid-cap growth stocks based on the NASDAQ AlphaDEX Mid Cap Growth index, launched in April 2011.

First Trust Mid Cap Growth AlphaDEX Fund (NASDAQ:FNY - )'s stock price reached a new 52-week high on Friday . The company traded as high as $93.81 and last traded at $92.72, with a volume of 26333 shares changing hands. The stock had previously closed at $93.44.

First Trust Mid Cap Growth AlphaDEX Fund Stock Performance

The business's 50-day moving average is $88.42 and its two-hundred day moving average is $81.73. The stock has a market capitalization of $611.95 million, a PE ratio of 24.50 and a beta of 1.13.

Hedge Funds Weigh In On First Trust Mid Cap Growth AlphaDEX Fund

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. NBC Securities Inc. acquired a new stake in First Trust Mid Cap Growth AlphaDEX Fund in the first quarter valued at $50,000. GPS Wealth Strategies Group LLC acquired a new stake in First Trust Mid Cap Growth AlphaDEX Fund in the first quarter valued at $49,000. Wealth Enhancement Advisory Services LLC lifted its holdings in First Trust Mid Cap Growth AlphaDEX Fund by 0.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 27,485 shares of the company's stock valued at $2,058,000 after acquiring an additional 234 shares during the period. Janney Montgomery Scott LLC lifted its holdings in First Trust Mid Cap Growth AlphaDEX Fund by 8.6% in the first quarter. Janney Montgomery Scott LLC now owns 50,468 shares of the company's stock valued at $3,779,000 after acquiring an additional 3,976 shares during the period. Finally, Cambridge Investment Research Advisors Inc. lifted its holdings in First Trust Mid Cap Growth AlphaDEX Fund by 4.9% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 18,630 shares of the company's stock valued at $1,395,000 after acquiring an additional 871 shares during the period.

About First Trust Mid Cap Growth AlphaDEX Fund

The First Trust Mid Cap Growth AlphaDEX Fund (FNY) is an exchange-traded fund that is based on the NASDAQ AlphaDEX Mid Cap Growth index. The fund tracks a tiered equal-weighted index of mid-cap growth stocks selected by AlphaDex selection methodology from the S&P 400 Index. FNY was launched on Apr 18, 2011 and is managed by First Trust.

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