First Trust Nasdaq Bank ETF (NASDAQ:FTXO) Sees Large Drop in Short Interest

First Trust Nasdaq Bank ETF (NASDAQ:FTXO) was the target of a significant decrease in short interest during the month of February. As of February 28th, there was short interest totalling 65,400 shares, a decrease of 38.0% from the February 13th total of 105,400 shares. Currently, 1.0% of the shares of the stock are short sold. Based on an average daily trading volume, of 75,800 shares, the short-interest ratio is presently 0.9 days.

First Trust Nasdaq Bank ETF Price Performance

NASDAQ FTXO traded up $0.86 during trading hours on Friday, hitting $29.88. 105,014 shares of the company’s stock traded hands, compared to its average volume of 42,968. The firm’s 50-day moving average is $32.88 and its 200-day moving average is $31.85. First Trust Nasdaq Bank ETF has a 52-week low of $24.72 and a 52-week high of $35.58. The company has a market capitalization of $204.68 million, a PE ratio of 13.83 and a beta of 1.11.

Hedge Funds Weigh In On First Trust Nasdaq Bank ETF

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FTXO. Sherman Asset Management Inc. acquired a new position in First Trust Nasdaq Bank ETF in the fourth quarter valued at approximately $28,000. Larson Financial Group LLC lifted its position in First Trust Nasdaq Bank ETF by 22.0% in the fourth quarter. Larson Financial Group LLC now owns 1,633 shares of the company’s stock valued at $52,000 after buying an additional 295 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. increased its position in shares of First Trust Nasdaq Bank ETF by 284.6% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,365 shares of the company’s stock valued at $75,000 after acquiring an additional 1,750 shares during the last quarter. Principal Securities Inc. raised its stake in shares of First Trust Nasdaq Bank ETF by 215.5% in the 4th quarter. Principal Securities Inc. now owns 4,442 shares of the company’s stock valued at $141,000 after acquiring an additional 3,034 shares during the period. Finally, Concourse Financial Group Securities Inc. acquired a new position in shares of First Trust Nasdaq Bank ETF in the 4th quarter worth approximately $156,000.

About First Trust Nasdaq Bank ETF

The First Trust Nasdaq Bank ETF (FTXO) is an exchange-traded fund that is based on the NASDAQ US Banks index. The fund tracks an index composed of the most liquid US banking companies. Holdings are selected by their liquidity, and weighted based on volatility, value, and growth factors. FTXO was launched on Sep 20, 2016 and is managed by First Trust.