First Trust Long/Short Equity ETF (NYSEARCA:FTLS) Reaches New 52-Week High – Still a Buy?

First Trust Long/Short Equity ETF (NYSEARCA:FTLS)’s share price reached a new 52-week high during mid-day trading on Monday . The company traded as high as $66.42 and last traded at $66.22, with a volume of 16054 shares trading hands. The stock had previously closed at $66.26.

First Trust Long/Short Equity ETF Stock Performance

The business’s 50 day moving average is $64.53 and its 200-day moving average is $63.16. The stock has a market cap of $1.32 billion, a price-to-earnings ratio of 19.46 and a beta of 0.62.

Institutional Investors Weigh In On First Trust Long/Short Equity ETF

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. LPL Financial LLC raised its holdings in shares of First Trust Long/Short Equity ETF by 9.7% during the 3rd quarter. LPL Financial LLC now owns 1,712,896 shares of the company’s stock worth $108,718,000 after acquiring an additional 150,887 shares during the period. Envestnet Asset Management Inc. raised its holdings in shares of First Trust Long/Short Equity ETF by 4.0% during the 2nd quarter. Envestnet Asset Management Inc. now owns 522,659 shares of the company’s stock worth $32,713,000 after acquiring an additional 19,922 shares during the period. Truist Financial Corp raised its holdings in shares of First Trust Long/Short Equity ETF by 3.2% during the 2nd quarter. Truist Financial Corp now owns 392,377 shares of the company’s stock worth $24,559,000 after acquiring an additional 12,107 shares during the period. World Investment Advisors LLC purchased a new position in shares of First Trust Long/Short Equity ETF during the 3rd quarter worth $21,644,000. Finally, Private Advisor Group LLC raised its holdings in shares of First Trust Long/Short Equity ETF by 8.0% during the 3rd quarter. Private Advisor Group LLC now owns 338,033 shares of the company’s stock worth $21,455,000 after acquiring an additional 25,151 shares during the period.

About First Trust Long/Short Equity ETF

The First Trust Long\u002FShort Equity ETF (FTLS) is an exchange-traded fund that mostly invests in long\u002Fshort alternatives. The fund takes both long and short position in US-listed equity with US and foreign exposure. The actively managed funds will typically be 90-100% long and 0-50% short. FTLS was launched on Sep 9, 2014 and is managed by First Trust.