First Trust Bloomberg Artificial Intelligence ETF (NYSEARCA:FAI) Sees Significant Drop in Short Interest

by · The Markets Daily

First Trust Bloomberg Artificial Intelligence ETF (NYSEARCA:FAI – Get Free Report) was the target of a large drop in short interest in June. As of June 15th, there was short interest totaling 21,943 shares, a drop of 93.1% from the May 31st total of 316,987 shares. Currently, 2.1% of the company’s stock are short sold. Based on an average daily volume of 33,038 shares, the days-to-cover ratio is presently 0.7 days.

First Trust Bloomberg Artificial Intelligence ETF Stock Up 1.6%

First Trust Bloomberg Artificial Intelligence ETF stock traded up $0.84 during trading hours on Thursday, hitting $52.58. The stock had a trading volume of 28,802 shares, compared to its average volume of 19,153. The stock’s 50-day moving average price is $50.62 and its 200-day moving average price is $43.85. The stock has a market capitalization of $55.21 million, a P/E ratio of 33.52 and a beta of 2.07. First Trust Bloomberg Artificial Intelligence ETF has a 12-month low of $34.42 and a 12-month high of $58.27.

Hedge Funds Weigh In On First Trust Bloomberg Artificial Intelligence ETF

A number of hedge funds have recently added to or reduced their stakes in the company. Kestra Advisory Services LLC lifted its position in First Trust Bloomberg Artificial Intelligence ETF by 42.3% in the 4th quarter. Kestra Advisory Services LLC now owns 106,920 shares of the company’s stock valued at $4,391,000 after acquiring an additional 31,809 shares in the last quarter. Jane Street Group LLC purchased a new position in shares of First Trust Bloomberg Artificial Intelligence ETF in the first quarter worth $709,000. RPS Advisory Solutions LLC purchased a new position in shares of First Trust Bloomberg Artificial Intelligence ETF in the fourth quarter worth $785,000. Osaic Holdings Inc. lifted its holdings in shares of First Trust Bloomberg Artificial Intelligence ETF by 517.3% during the second quarter. Osaic Holdings Inc. now owns 10,907 shares of the company’s stock valued at $384,000 after purchasing an additional 9,140 shares in the last quarter. Finally, Acorn Financial Advisory Services Inc. ADV bought a new position in shares of First Trust Bloomberg Artificial Intelligence ETF during the fourth quarter valued at $348,000.

About First Trust Bloomberg Artificial Intelligence ETF

(Get Free Report)

The First Trust Bloomberg Artificial Intelligence ETF (FAI) is an exchange-traded fund that mostly invests in stocks based on a particular theme. The fund tracks a market cap-weighted index of companies in the artificial intelligence AI industry. It comprises the top 50 securities globally by revenue and themes assessments. FAI was launched on Nov 20, 2024 and is issued by First Trust.

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