Fidelity Magellan ETF (BATS:FMAG) Trading Up 1.9% – Here’s Why

Fidelity Magellan ETF (BATS:FMAG)’s share price was up 1.9% on Thursday . The stock traded as high as $31.83 and last traded at $31.64. Approximately 199,009 shares changed hands during mid-day trading, The stock had previously closed at $31.05.

Fidelity Magellan ETF Stock Performance

The company has a market cap of $106.37 million, a P/E ratio of 0.86 and a beta of 1.13. The firm’s fifty day moving average is $31.64 and its two-hundred day moving average is $30.59.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of FMAG. Elevation Capital Advisory LLC bought a new position in shares of Fidelity Magellan ETF during the 2nd quarter valued at about $265,000. Sigma Planning Corp raised its position in shares of Fidelity Magellan ETF by 24.9% during the 3rd quarter. Sigma Planning Corp now owns 15,601 shares of the company’s stock valued at $478,000 after buying an additional 3,114 shares in the last quarter. PNC Financial Services Group Inc. raised its position in shares of Fidelity Magellan ETF by 344.0% during the 3rd quarter. PNC Financial Services Group Inc. now owns 51,753 shares of the company’s stock valued at $1,585,000 after buying an additional 40,098 shares in the last quarter. Arkadios Wealth Advisors purchased a new stake in shares of Fidelity Magellan ETF during the 3rd quarter valued at about $3,250,000. Finally, Beam Wealth Advisors Inc. raised its position in Fidelity Magellan ETF by 4.6% in the 3rd quarter. Beam Wealth Advisors Inc. now owns 125,866 shares of the company’s stock worth $3,854,000 after purchasing an additional 5,503 shares during the period.

Fidelity Magellan ETF Company Profile

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.