First Trust NASDAQ-100 Equal Weighted Index Fund (NASDAQ:QQEW) Stock Short Interest Jumps 300.7%

Key Points

• Short interest surged 300.7% in October to 48,991 shares, representing 0.4% of QQEW’s shares outstanding and a short-interest ratio of 1.1 days.
• QQEW shares rose 0.5% to $158.56, with trading volume above average. The ETF has a 52-week range of $122.38 to $167.26 and a market capitalization of approximately $1.86 billion.
• Several investment firms increased their exposure or initiated positions, including Corient Private Wealth, which boosted its holdings by more than 2,000%, and four firms that established new stakes.

First Trust NASDAQ-100 Equal Weighted Index Fund (NASDAQ:QQEW - ) saw a significant increase in short interest during the month of October. As of October 15th, there was short interest totaling 48,991 shares, an increase of 300.7% from the September 30th total of 12,227 shares. Currently, 0.4% of the company's stock are sold short. Based on an average daily trading volume, of 45,402 shares, the short-interest ratio is currently 1.1 days.

First Trust NASDAQ-100 Equal Weighted Index Fund Trading Up 0.5%

First Trust NASDAQ-100 Equal Weighted Index Fund stock traded up $0.72 during trading on Wednesday, hitting $158.56. 78,890 shares of the company were exchanged, compared to its average volume of 48,028. The business's 50 day moving average is $161.05 and its 200 day moving average is $148.33. First Trust NASDAQ-100 Equal Weighted Index Fund has a 52 week low of $122.38 and a 52 week high of $167.26. The company has a market capitalization of $1.86 billion, a P/E ratio of 27.18 and a beta of 1.08.

Hedge Funds Weigh In On First Trust NASDAQ-100 Equal Weighted Index Fund

A number of hedge funds have recently bought and sold shares of the company. Corient Private Wealth LP raised its holdings in shares of First Trust NASDAQ-100 Equal Weighted Index Fund by 2,056.3% in the second quarter. Corient Private Wealth LP now owns 85,194 shares of the company's stock valued at $13,597,000 after purchasing an additional 81,243 shares during the last quarter. Trinity Wealth Management LLC purchased a new position in First Trust NASDAQ-100 Equal Weighted Index Fund during the third quarter worth about $9,122,000. Stenger Family Office LLC bought a new stake in First Trust NASDAQ-100 Equal Weighted Index Fund in the 1st quarter worth about $4,703,000. B. Riley Wealth Advisors Inc. bought a new stake in First Trust NASDAQ-100 Equal Weighted Index Fund in the 3rd quarter worth about $6,003,000. Finally, NTV Asset Management LLC bought a new stake in First Trust NASDAQ-100 Equal Weighted Index Fund in the 3rd quarter worth about $5,609,000.

About First Trust NASDAQ-100 Equal Weighted Index Fund

The First Trust NASDAQ-100 Equal Weighted Index Fund (QQEW) is an exchange-traded fund that is based on the NASDAQ-100 Equally Weighted index. The fund tracks an equal-weighted version of the NASDAQ 100. QQEW was launched on Apr 19, 2006 and is managed by First Trust.

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