For investors seeking momentum, First Trust Cloud Computing ETF (SKYY - Free Report) is probably on radar now. The fund just hit a 52-week high, which is up roughly 34.5% from its 52-week low price of $45.36/share.
But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea on where it might be headed:
SKYY in Focus
The fund looks to track the ISE Cloud Computing Index is a modified market capitalization weighted index designed to track the performance of companies actively involved in the cloud-computing industry. It charges 60 bps in fees (see all Technology ETFs here).
Why the Move?
Cloud computing is a fast-growing technology space. It is a process in which data or software is stored outside a computer. Research firm Gartner expects worldwide public cloud services market is estimated to expand from $182.4B in 2018 to $331.2B in 2022, attaining a compound annual growth rate (CAGR) of 12.6%.
More Gains Ahead?
The fund has a Zacks Rank #3 (Hold). It also has a positive weighted alpha of 23.40, which hints at more gains. So, there is definitely still some promise for those who want to ride on this ETF a little longer.
Want key ETF info delivered straight to your inbox?
Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
For investors seeking momentum, First Trust Cloud Computing ETF (SKYY - Free Report) is probably on radar now. The fund just hit a 52-week high, which is up roughly 34.5% from its 52-week low price of $45.36/share.
But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea on where it might be headed:
SKYY in Focus
The fund looks to track the ISE Cloud Computing Index is a modified market capitalization weighted index designed to track the performance of companies actively involved in the cloud-computing industry. It charges 60 bps in fees (see all Technology ETFs here).
Why the Move?
Cloud computing is a fast-growing technology space. It is a process in which data or software is stored outside a computer. Research firm Gartner expects worldwide public cloud services market is estimated to expand from $182.4B in 2018 to $331.2B in 2022, attaining a compound annual growth rate (CAGR) of 12.6%.
More Gains Ahead?
The fund has a Zacks Rank #3 (Hold). It also has a positive weighted alpha of 23.40, which hints at more gains. So, there is definitely still some promise for those who want to ride on this ETF a little longer.
Want key ETF info delivered straight to your inbox?
Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
Get the latest research report on SKYY - FREE