Fidelity Magellan ETF (BATS:FMAG) Trading Up 1.3% – Still a Buy?

Fidelity Magellan ETF (BATS:FMAG) was up 1.3% during mid-day trading on Monday . The stock traded as high as $32.89 and last traded at $32.76. Approximately 12,955 shares were traded during mid-day trading, a decline of 65% from the average daily volume of 36,699 shares. The stock had previously closed at $32.35.

Fidelity Magellan ETF Price Performance

The stock has a 50-day moving average price of $33.91 and a 200 day moving average price of $34.37. The firm has a market cap of $241.77 million, a price-to-earnings ratio of 34.77 and a beta of 1.13.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in FMAG. Arkadios Wealth Advisors lifted its stake in Fidelity Magellan ETF by 13.2% in the third quarter. Arkadios Wealth Advisors now owns 161,201 shares of the company’s stock valued at $5,676,000 after buying an additional 18,749 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Fidelity Magellan ETF by 5.5% in the second quarter. PNC Financial Services Group Inc. now owns 121,858 shares of the company’s stock valued at $4,181,000 after acquiring an additional 6,393 shares during the period. J.W. Cole Advisors Inc. purchased a new position in shares of Fidelity Magellan ETF during the third quarter worth approximately $2,220,000. Jones Financial Companies Lllp grew its position in shares of Fidelity Magellan ETF by 45.3% during the third quarter. Jones Financial Companies Lllp now owns 72,510 shares of the company’s stock worth $2,532,000 after acquiring an additional 22,612 shares during the last quarter. Finally, Anson Capital Inc. increased its holdings in shares of Fidelity Magellan ETF by 0.8% in the 3rd quarter. Anson Capital Inc. now owns 96,836 shares of the company’s stock valued at $3,410,000 after acquiring an additional 740 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.