Fidelity Magellan ETF (BATS:FMAG) Stock Price Crosses Above 200-Day Moving Average – Here’s Why

Fidelity Magellan ETF (BATS:FMAG)’s stock price crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $29.86 and traded as high as $31.77. Fidelity Magellan ETF shares last traded at $31.63, with a volume of 33,781 shares trading hands.

Fidelity Magellan ETF Price Performance

The business’s fifty day simple moving average is $31.01 and its two-hundred day simple moving average is $29.86. The company has a market cap of $105.33 million, a PE ratio of 0.86 and a beta of 1.13.

Hedge Funds Weigh In On Fidelity Magellan ETF

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Commonwealth Equity Services LLC raised its holdings in shares of Fidelity Magellan ETF by 9.2% during the second quarter. Commonwealth Equity Services LLC now owns 24,876 shares of the company’s stock valued at $738,000 after acquiring an additional 2,104 shares during the last quarter. Sigma Planning Corp increased its position in shares of Fidelity Magellan ETF by 24.9% during the third quarter. Sigma Planning Corp now owns 15,601 shares of the company’s stock worth $478,000 after purchasing an additional 3,114 shares in the last quarter. Beam Wealth Advisors Inc. increased its position in shares of Fidelity Magellan ETF by 4.6% during the third 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 in the last quarter. Elevation Capital Advisory LLC acquired a new stake in Fidelity Magellan ETF during the 2nd quarter worth $265,000. Finally, PNC Financial Services Group Inc. grew its holdings in shares of Fidelity Magellan ETF by 344.0% during the third quarter. PNC Financial Services Group Inc. now owns 51,753 shares of the company’s stock worth $1,585,000 after buying an additional 40,098 shares in 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.