Invesco NASDAQ Internet ETF (NASDAQ:PNQI) Sees Significant Decline in Short Interest

Invesco NASDAQ Internet ETF (NASDAQ:PNQI) saw a large decrease in short interest in the month of March. As of March 31st, there was short interest totaling 46,644 shares, a decrease of 51.3% from the March 15th total of 95,743 shares. Based on an average daily volume of 44,785 shares, the days-to-cover ratio is currently 1.0 days. Approximately 0.4% of the company’s stock are sold short.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in PNQI. Jane Street Group LLC purchased a new position in shares of Invesco NASDAQ Internet ETF in the 1st quarter valued at about $371,000. NewEdge Advisors LLC increased its holdings in shares of Invesco NASDAQ Internet ETF by 178.6% in the 2nd quarter. NewEdge Advisors LLC now owns 5,920 shares of the company’s stock valued at $309,000 after acquiring an additional 3,795 shares during the last quarter. Raymond James Financial Inc. increased its holdings in shares of Invesco NASDAQ Internet ETF by 0.8% in the 2nd quarter. Raymond James Financial Inc. now owns 165,485 shares of the company’s stock valued at $8,640,000 after acquiring an additional 1,305 shares during the last quarter. Ameriprise Financial Inc. increased its holdings in shares of Invesco NASDAQ Internet ETF by 11.6% in the 2nd quarter. Ameriprise Financial Inc. now owns 39,225 shares of the company’s stock valued at $2,048,000 after acquiring an additional 4,076 shares during the last quarter. Finally, Benjamin Edwards Inc. increased its holdings in shares of Invesco NASDAQ Internet ETF by 22.3% in the 2nd quarter. Benjamin Edwards Inc. now owns 19,368 shares of the company’s stock valued at $1,011,000 after acquiring an additional 3,528 shares during the last quarter.

Invesco NASDAQ Internet ETF Stock Up 2.3%

NASDAQ PNQI traded up $1.05 during trading hours on Monday, hitting $46.44. 61,016 shares of the company were exchanged, compared to its average volume of 99,655. The company has a 50 day moving average of $46.46 and a two-hundred day moving average of $51.50. Invesco NASDAQ Internet ETF has a 52-week low of $40.33 and a 52-week high of $57.22. The firm has a market cap of $547.53 million, a price-to-earnings ratio of 30.49 and a beta of 1.28.

Invesco NASDAQ Internet ETF Company Profile

The Invesco NASDAQ Internet ETF (PNQI) is an exchange-traded fund that is based on the NASDAQ Internet index, a modified-market-cap-weighted index of Internet companies listed in the US. PNQI was launched on Jun 12, 2008 and is managed by Invesco.