Fidelity MSCI Communication Services Index ETF (NYSEARCA:FCOM) Sees Strong Trading Volume – Still a Buy?

Shares of Fidelity MSCI Communication Services Index ETF (NYSEARCA:FCOM) saw an uptick in trading volume on Monday . 311,948 shares traded hands during mid-day trading, an increase of 220% from the previous session’s volume of 97,608 shares.The stock last traded at $59.73 and had previously closed at $59.30.

Fidelity MSCI Communication Services Index ETF Stock Performance

The company has a market cap of $1.30 billion, a price-to-earnings ratio of 26.44 and a beta of 1.22. The firm’s 50-day moving average price is $58.29 and its 200 day moving average price is $54.52.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Farther Finance Advisors LLC grew its holdings in Fidelity MSCI Communication Services Index ETF by 8,688.2% during the third quarter. Farther Finance Advisors LLC now owns 1,494 shares of the company’s stock valued at $82,000 after purchasing an additional 1,477 shares during the period. CX Institutional increased its position in shares of Fidelity MSCI Communication Services Index ETF by 23.8% in the 3rd quarter. CX Institutional now owns 16,648 shares of the company’s stock valued at $917,000 after buying an additional 3,202 shares in the last quarter. GSA Capital Partners LLP raised its stake in Fidelity MSCI Communication Services Index ETF by 4.0% during the 3rd quarter. GSA Capital Partners LLP now owns 5,314 shares of the company’s stock worth $293,000 after buying an additional 203 shares during the period. Cetera Investment Advisers lifted its holdings in Fidelity MSCI Communication Services Index ETF by 15.9% during the second quarter. Cetera Investment Advisers now owns 18,428 shares of the company’s stock worth $962,000 after acquiring an additional 2,525 shares in the last quarter. Finally, Sanctuary Advisors LLC bought a new stake in shares of Fidelity MSCI Communication Services Index ETF in the second quarter worth about $209,000.

About Fidelity MSCI Communication Services Index ETF

The Fidelity MSCI Communication Services Index ETF (FCOM) is an exchange-traded fund that mostly invests in communication services equity. The fund tracks a market-cap-weighted index of stocks in the US communication services sector. FCOM was launched on Oct 21, 2013 and is managed by Fidelity.