First Trust NASDAQ-100 Technology Sector Index Fund (NASDAQ:QTEC) Sees Significant Increase in Short Interest

Key Points

• Short interest in QTEC surged 64.9% to 341,560 shares as of August 14, representing about 2.2% of shares outstanding and 1.6 days to cover.
• Several institutional investors initiated or increased positions in QTEC during the second quarter, including Kirkwood Financial Services, PCG Wealth Advisors, and HB Wealth Management.
• QTEC shares recently traded at $314.50, near the midpoint of their $205.57–$340.23 52-week range; the ETF has a $4.80 billion market capitalization and tracks an equal-weighted index of major U.S. technology stocks.

First Trust NASDAQ-100 Technology Sector Index Fund (NASDAQ:QTEC - ) was the recipient of a large increase in short interest in August. As of August 14th, there was short interest totaling 341,560 shares, an increase of 64.9% from the July 30th total of 207,119 shares. Approximately 2.2% of the shares of the stock are short sold. Based on an average daily volume of 208,145 shares, the days-to-cover ratio is currently 1.6 days.

Institutional Investors Weigh In On First Trust NASDAQ-100 Technology Sector Index Fund

A number of institutional investors and hedge funds have recently bought and sold shares of QTEC. Kirkwood Financial Services bought a new position in shares of First Trust NASDAQ-100 Technology Sector Index Fund during the 2nd quarter valued at about $1,135,000. Kingsbury Capital Investment Advisors LLC acquired a new stake in First Trust NASDAQ-100 Technology Sector Index Fund during the second quarter valued at approximately $253,000. Ameritas Advisory Services LLC bought a new stake in First Trust NASDAQ-100 Technology Sector Index Fund during the second quarter worth approximately $261,000. PCG Wealth Advisors LLC grew its position in First Trust NASDAQ-100 Technology Sector Index Fund by 4.8% in the second quarter. PCG Wealth Advisors LLC now owns 14,486 shares of the company's stock worth $4,848,000 after buying an additional 663 shares during the last quarter. Finally, HB Wealth Management LLC increased its holdings in shares of First Trust NASDAQ-100 Technology Sector Index Fund by 25.6% in the second quarter. HB Wealth Management LLC now owns 1,378 shares of the company's stock valued at $461,000 after buying an additional 281 shares in the last quarter.

First Trust NASDAQ-100 Technology Sector Index Fund Price Performance

Shares of QTEC traded down $1.63 during midday trading on Monday, reaching $314.50. The stock had a trading volume of 29,997 shares, compared to its average volume of 246,488. First Trust NASDAQ-100 Technology Sector Index Fund has a 52 week low of $205.57 and a 52 week high of $340.23. The firm's 50 day moving average price is $313.52 and its 200-day moving average price is $278.17. The company has a market capitalization of $4.80 billion, a P/E ratio of 35.79 and a beta of 1.43.

First Trust NASDAQ-100 Technology Sector Index Fund Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Thursday, June 25th were issued a dividend of $0.0326 per share. This represents a $0.13 dividend on an annualized basis and a yield of 0.0%. The ex-dividend date of this dividend was Thursday, June 25th.

About First Trust NASDAQ-100 Technology Sector Index Fund

The First Trust NASDAQ-100-Technology Sector Index Fund (QTEC) is an exchange-traded fund that is based on the NASDAQ-100 Technology Sector index. The fund tracks an equal-weighted index of the largest Nasdaq-listed US technology stocks. QTEC was launched on Apr 19, 2006 and is managed by First Trust.

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