First Trust Dow Jones Internet Index Fund (NYSEARCA:FDN) Sets New 52-Week High – Time to Buy?

First Trust Dow Jones Internet Index Fund (NYSEARCA:FDN) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $294.35 and last traded at $293.6910, with a volume of 771 shares. The stock had previously closed at $288.08.

First Trust Dow Jones Internet Index Fund Stock Down 1.4%

The company has a market capitalization of $5.34 billion, a PE ratio of 32.59 and a beta of 1.22. The stock has a 50-day moving average of $270.48 and a 200 day moving average of $258.57.

Hedge Funds Weigh In On First Trust Dow Jones Internet Index Fund

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Flaharty Asset Management LLC grew its holdings in First Trust Dow Jones Internet Index Fund by 0.6% in the fourth quarter. Flaharty Asset Management LLC now owns 7,537 shares of the company’s stock worth $2,029,000 after purchasing an additional 42 shares during the last quarter. Petix & Botte Co increased its holdings in shares of First Trust Dow Jones Internet Index Fund by 4.1% during the first quarter. Petix & Botte Co now owns 1,284 shares of the company’s stock valued at $300,000 after acquiring an additional 50 shares in the last quarter. FSB Premier Wealth Management Inc. boosted its stake in First Trust Dow Jones Internet Index Fund by 4.3% in the 2nd quarter. FSB Premier Wealth Management Inc. now owns 1,392 shares of the company’s stock worth $375,000 after purchasing an additional 57 shares in the last quarter. Brookstone Capital Management increased its stake in First Trust Dow Jones Internet Index Fund by 1.5% during the 1st quarter. Brookstone Capital Management now owns 4,080 shares of the company’s stock valued at $955,000 after purchasing an additional 60 shares in the last quarter. Finally, Topsail Wealth Management LLC lifted its stake in shares of First Trust Dow Jones Internet Index Fund by 2.4% during the fourth quarter. Topsail Wealth Management LLC now owns 3,159 shares of the company’s stock worth $850,000 after buying an additional 74 shares during the period. 70.10% of the stock is owned by hedge funds and other institutional investors.

About First Trust Dow Jones Internet Index Fund

First Trust Dow Jones Internet Index Fund (the Fund) seeks investment results that correspond generally to the price and yield of an equity index called the Dow Jones Internet Composite Index (the Index). The Fund will normally invest at least 90% of its total assets in common stocks that comprise the Index. The Index represents companies that generate the majority of their revenues via the Internet. The Index aims to represent 80% of the float-adjusted Internet equity universe. The Index contains two sub-indexes, the Dow Jones Internet Commerce Index and the Dow Jones Internet Services Index.