First Trust NASDAQ-100 Equal Weighted Index Fund (NASDAQ:QQEW) Shares Up 1.4% – Should You Buy?

First Trust NASDAQ-100 Equal Weighted Index Fund (NASDAQ:QQEW) traded up 1.4% on Tuesday . The stock traded as high as $165.16 and last traded at $164.94. 33,525 shares changed hands during trading, a decline of 31% from the average daily volume of 48,777 shares. The stock had previously closed at $162.69.

First Trust NASDAQ-100 Equal Weighted Index Fund Trading Down 0.7%

The company has a market capitalization of $1.89 billion, a price-to-earnings ratio of 27.18 and a beta of 1.08. The firm’s 50 day simple moving average is $159.83 and its 200-day simple moving average is $149.42.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Corient Private Wealth LP boosted its holdings in First Trust NASDAQ-100 Equal Weighted Index Fund by 2,056.3% in the 2nd quarter. Corient Private Wealth LP now owns 85,194 shares of the company’s stock valued at $13,597,000 after purchasing an additional 81,243 shares in the last quarter. Stenger Family Office LLC purchased a new stake in shares of First Trust NASDAQ-100 Equal Weighted Index Fund in the first quarter valued at approximately $4,703,000. Independent Financial Group LLC acquired a new position in First Trust NASDAQ-100 Equal Weighted Index Fund during the first quarter worth $2,478,000. Rockefeller Capital Management L.P. grew its holdings in First Trust NASDAQ-100 Equal Weighted Index Fund by 61.2% during the fourth quarter. Rockefeller Capital Management L.P. now owns 40,516 shares of the company’s stock worth $5,759,000 after acquiring an additional 15,375 shares during the period. Finally, Hershey Financial Advisers LLC purchased a new position in First Trust NASDAQ-100 Equal Weighted Index Fund in the first quarter worth $1,612,000.

About First Trust NASDAQ-100 Equal Weighted Index Fund

The First Trust NASDAQ-100 Equal Weighted Index Fund (QQEW) is an exchange-traded fund that is based on the NASDAQ-100 Equally Weighted index. The fund tracks an equal-weighted version of the NASDAQ 100. QQEW was launched on Apr 19, 2006 and is managed by First Trust.