Fidelity Magellan ETF (BATS:FMAG) Shares Up 5.6% – Here’s Why

Fidelity Magellan ETF (BATS:FMAG)’s share price shot up 5.6% during mid-day trading on Tuesday . The company traded as high as $32.71 and last traded at $34.36. 43,979 shares traded hands during trading, a decline of 25% from the average session volume of 58,769 shares. The stock had previously closed at $32.54.

Fidelity Magellan ETF Stock Performance

The stock has a market cap of $253.58 million, a price-to-earnings ratio of 34.77 and a beta of 1.13. The firm’s 50-day simple moving average is $33.01 and its two-hundred day simple moving average is $31.34.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Wells Fargo & Company MN raised its holdings in shares of Fidelity Magellan ETF by 2,430.2% in the fourth quarter. Wells Fargo & Company MN now owns 469,548 shares of the company’s stock valued at $14,528,000 after purchasing an additional 450,990 shares during the last quarter. FIL Ltd raised its holdings in shares of Fidelity Magellan ETF by 408.1% in the fourth quarter. FIL Ltd now owns 344,801 shares of the company’s stock valued at $10,668,000 after purchasing an additional 276,936 shares during the last quarter. Arkadios Wealth Advisors acquired a new stake in shares of Fidelity Magellan ETF in the first quarter valued at approximately $3,935,000. PNC Financial Services Group Inc. raised its holdings in shares of Fidelity Magellan ETF by 27.6% in the first quarter. PNC Financial Services Group Inc. now owns 115,465 shares of the company’s stock valued at $3,358,000 after purchasing an additional 24,981 shares during the last quarter. Finally, Envestnet Asset Management Inc. raised its holdings in shares of Fidelity Magellan ETF by 26.3% in the first quarter. Envestnet Asset Management Inc. now owns 112,105 shares of the company’s stock valued at $3,260,000 after purchasing an additional 23,332 shares during the last quarter.

About Fidelity Magellan ETF

The Fidelity Magellan ETF (FMAG) is an exchange-traded fund that is based on the S&P 500 TR USD index. The fund is an actively-managed, non-transparent ETF that provides exposure to fundamentally-selected firms located globally. The fund utilizes the Fidelity non-transparent model. FMAG was launched on Feb 2, 2021 and is managed by Fidelity.