First Trust Long/Short Equity ETF (NYSEARCA:FTLS) Reaches New 12-Month High – Time to Buy?

First Trust Long/Short Equity ETF (NYSEARCA:FTLS)’s share price reached a new 52-week high during trading on Tuesday . The stock traded as high as $65.76 and last traded at $65.65, with a volume of 5766 shares. The stock had previously closed at $65.56.

First Trust Long/Short Equity ETF Price Performance

The stock’s 50-day moving average is $63.64 and its two-hundred day moving average is $62.64. The company has a market cap of $1.30 billion, a P/E ratio of 19.46 and a beta of 0.62.

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

Hedge funds have recently added to or reduced their stakes in the business. Cetera Investment Advisers grew its stake in First Trust Long/Short Equity ETF by 11.8% in the 2nd quarter. Cetera Investment Advisers now owns 316,306 shares of the company’s stock valued at $19,798,000 after acquiring an additional 33,263 shares during the period. Larson Financial Group LLC boosted its stake in shares of First Trust Long/Short Equity ETF by 44.2% during the 2nd quarter. Larson Financial Group LLC now owns 2,560 shares of the company’s stock worth $160,000 after acquiring an additional 785 shares during the period. Legacy Capital Wealth Partners LLC bought a new position in First Trust Long/Short Equity ETF in the second quarter worth approximately $718,000. OLD National Bancorp IN lifted its holdings in First Trust Long/Short Equity ETF by 24.7% during the third quarter. OLD National Bancorp IN now owns 33,806 shares of the company’s stock worth $2,146,000 after acquiring an additional 6,704 shares during the period. Finally, Wealth Enhancement Advisory Services LLC increased its position in First Trust Long/Short Equity ETF by 390.5% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 60,624 shares of the company’s stock worth $3,794,000 after buying an additional 48,264 shares during the last quarter.

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.