Fidelity Magellan ETF (BATS:FMAG) Shares Up 0.1% – Time to Buy?

Fidelity Magellan ETF (BATS:FMAG)’s share price shot up 0.1% during trading on Monday . The stock traded as high as $31.37 and last traded at $31.32. 51,140 shares changed hands during trading, The stock had previously closed at $31.30.

Fidelity Magellan ETF Price Performance

The stock’s 50 day simple moving average is $30.20 and its 200-day simple moving average is $29.20. The stock has a market capitalization of $102.76 million, a price-to-earnings ratio of 0.86 and a beta of 1.13.

Institutional Investors Weigh In On Fidelity Magellan ETF

A number of hedge funds have recently bought and sold shares of FMAG. Elevation Capital Advisory LLC bought a new stake in shares of Fidelity Magellan ETF in the second quarter valued at approximately $265,000. Commonwealth Equity Services LLC boosted its holdings in Fidelity Magellan ETF by 9.2% in the 2nd quarter. Commonwealth Equity Services LLC now owns 24,876 shares of the company’s stock valued at $738,000 after purchasing an additional 2,104 shares during the period. J.W. Cole Advisors Inc. acquired a new stake in Fidelity Magellan ETF in the 1st quarter worth $1,822,000. Finally, Cambridge Investment Research Advisors Inc. bought a new position in shares of Fidelity Magellan ETF during the 2nd quarter worth about $3,258,000.

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.