Technology Select Sector SPDR Fund (NYSEARCA:XLK) saw a large growth in short interest in the month of August. As of August 31st, there was short interest totalling 20,778,867 shares, a growth of 18.6% from the August 15th total of 17,516,138 shares. Based on an average daily trading volume, of 8,884,384 shares, the short-interest ratio is currently 2.3 days.

Hedge funds have recently added to or reduced their stakes in the stock. Drexel Morgan & Co. acquired a new stake in shares of Technology Select Sector SPDR Fund in the 1st quarter valued at $466,000. Bruderman Asset Management LLC raised its holdings in Technology Select Sector SPDR Fund by 10.5% in the 1st quarter. Bruderman Asset Management LLC now owns 58,895 shares of the exchange traded fund’s stock worth $3,853,000 after acquiring an additional 5,582 shares during the period. First Republic Investment Management Inc. raised its holdings in Technology Select Sector SPDR Fund by 24.5% in the 1st quarter. First Republic Investment Management Inc. now owns 254,924 shares of the exchange traded fund’s stock worth $16,677,000 after acquiring an additional 50,230 shares during the period. JPMorgan Chase & Co. raised its holdings in Technology Select Sector SPDR Fund by 122.7% in the 1st quarter. JPMorgan Chase & Co. now owns 2,888,447 shares of the exchange traded fund’s stock worth $188,962,000 after acquiring an additional 1,591,469 shares during the period. Finally, Lucia Wealth Services LLC bought a new position in Technology Select Sector SPDR Fund in the 1st quarter worth $159,000.

Separately, Morgan Stanley lowered shares of Technology Select Sector SPDR Fund to an “underweight” rating in a research note on Monday, July 9th.

XLK stock opened at $74.00 on Tuesday. Technology Select Sector SPDR Fund has a 1 year low of $57.57 and a 1 year high of $76.03.

About Technology Select Sector SPDR Fund

Sector SPDR Trust SBI Interest, formerly Technology Select Sector SPDR Fund, seeks to provide investment results that correspond to the price and yield performance of the Technology Select Sector of the S&P 500 Index (the Index). The Index includes companies primarily involved in industries, such as information technology (IT) consulting, semiconductor equipment and products, computers and peripherals, diversified telecommunication services and wireless telecommunication services.It utilizes a passive or indexing investment approach to invest in a portfolio of stocks that seek to replicate the Index.

See Also: Earnings Per Share

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