Fidelity Magellan ETF (BATS:FMAG) Trading 0.9% Higher – Still a Buy?

Fidelity Magellan ETF (BATS:FMAG) shot up 0.9% on Monday . The stock traded as high as $35.38 and last traded at $35.45. 37,282 shares were traded during trading, a decline of 36% from the average session volume of 58,325 shares. The stock had previously closed at $35.13.

Fidelity Magellan ETF Stock Up 0.9%

The stock has a market capitalization of $261.63 million, a P/E ratio of 34.77 and a beta of 1.13. The firm has a 50 day simple moving average of $34.96 and a two-hundred day simple moving average of $32.41.

Institutional Trading of Fidelity Magellan ETF

Institutional investors have recently modified their holdings of the company. Osaic Holdings Inc. purchased a new stake in shares of Fidelity Magellan ETF during the second quarter worth about $74,000. Integrated Wealth Concepts LLC purchased a new stake in shares of Fidelity Magellan ETF during the first quarter worth about $261,000. Bank of America Corp DE purchased a new stake in shares of Fidelity Magellan ETF during the second quarter worth about $310,000. Impact Partnership Wealth LLC boosted its holdings in shares of Fidelity Magellan ETF by 7.3% during the first quarter. Impact Partnership Wealth LLC now owns 10,853 shares of the company’s stock worth $316,000 after purchasing an additional 739 shares during the period. Finally, Jones Financial Companies Lllp boosted its holdings in shares of Fidelity Magellan ETF by 10.4% during the first quarter. Jones Financial Companies Lllp now owns 11,523 shares of the company’s stock worth $335,000 after purchasing an additional 1,083 shares during the period.

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.