SKYY Stock Summary and Trading Ideas (First Trust Cloud Computing ETF | NASDAQ:SKYY)

The First Trust Cloud Computing Index Fund seeks investment results that correspond generally to the price and yield, before the Funds fees and expenses, of an equity index called the ISE CTA Cloud Computing Index. The index is a modified equal dollar weighted index designed to track the performance of companies actively involved in the cloud computing industry. To be included in the index, a security must be engaged in a business activity supporting or utilizing the cloud computing space, listed on an index-eligible global stock exchange and have a market capitalization of at least $100 million.

First Trust Cloud Computing ETF trades on the NASDAQ stock market under the symbol SKYY.

As of April 25, 2024, SKYY stock price declined to $91.62 with 120,420 million shares trading.

SKYY has a beta of 1.47, meaning it tends to be more sensitive to market movements. SKYY has a correlation of 0.63 to the broad based SPY ETF.

SKYY has a market cap of $2.97 billion. This is considered a Mid Cap stock.

In the last 3 years, SKYY stock traded as high as $119.99 and as low as $54.50.

SKYY has outperformed the market in the last year with a return of +48.2%, while the SPY ETF gained +25.6%. However, in the most recent history, SKYY shares have underperformed the stock market with its stock returning +0.3% in the last 3 month period and -4.6% for the last 2 week period, while SPY has returned +3.5% and -2.8%, respectively.

SKYY support price is $90.86 and resistance is $93.70 (based on 1 day standard deviation move). This means that using the most recent 20 day stock volatility and applying a one standard deviation move around the stock's closing price, stastically there is a 67% probability that SKYY stock will trade within this expected range on the day.