Short Interest in First Trust Mid Cap Value AlphaDEX Fund (NASDAQ:FNK) Expands By 28.2%

The First Trust Mid Cap Value AlphaDEX Fund (NASDAQ:FNK) has experienced a notable surge in short interest during October. As of October 15th, the short interest reached a total of 13,200 shares, marking an increase of 28.2% when compared to the 10,300 shares reported on September 30th. Given the average daily trading volume of 9,800 shares, the current short-interest ratio stands at 1.3 days, indicating how long it would take for the existing short positions to be covered based on typical trading activity.

First Trust Mid Cap Value AlphaDEX Fund Price Performance

In trading on Monday, FNK stock saw an uptick of $0.54, closing at $54.03. A total of 6,937 shares were exchanged during the day, falling short of its average volume of 16,155 shares. The fund has a 50-day moving average price of $53.77 and a 200-day moving average price of $52.66. Over the past year, First Trust Mid Cap Value AlphaDEX Fund has recorded a 52-week low of $41.64 and a 52-week high of $56.14. Currently, the fund boasts a market capitalization of $218.82 million, a price-to-earnings (PE) ratio of 10.86, and a beta of 1.29, which suggests a level of volatility compared to the market.

First Trust Mid Cap Value AlphaDEX Fund Increases Dividend

The company has also declared a new quarterly dividend, which was paid out on Monday, September 30th. Shareholders who were on record as of Thursday, September 26th received a dividend of $0.2554. The ex-dividend date for the distribution was also Thursday, September 26th. Annually, this translates to a total dividend of $1.02, yielding 1.89%. This marks an increase from the previous quarterly dividend of $0.21 issued by the fund.

Institutional Inflows and Outflows

There have been several institutional investors and hedge funds that have recently adjusted their positions in FNK. For example, GAMMA Investing LLC increased its stake in First Trust Mid Cap Value AlphaDEX Fund by 95.1% during the second quarter, resulting in ownership of 1,816 shares valued at approximately $93,000 after acquiring an additional 885 shares within that timeframe. Additionally, PCG Wealth Advisors LLC and Jaffetilchin Investment Partners LLC both established new positions in FNK during the first quarter, amounting to roughly $238,000 and $256,000 respectively. Daymark Wealth Partners LLC similarly acquired a new position during the second quarter valued at about $282,000. Cetera Advisors LLC also raised its position by 26.9% in the first quarter, amassing 9,718 shares valued at $526,000 after purchasing an additional 2,062 shares.

About First Trust Mid Cap Value AlphaDEX Fund

The First Trust Mid Cap Value AlphaDEX Fund (FNK) is an exchange-traded fund that tracks the NASDAQ AlphaDEX Mid Cap Value index. The fund employs a quantitative approach to select mid-cap value stocks, utilizing a unique weighting system to ensure diversified exposure. Launched on April 18, 2011, FNK is managed by First Trust.

Further Reading

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