Fidelity Magellan ETF (BATS:FMAG) Trading 4.8% Higher – Here’s Why

Fidelity Magellan ETF (BATS:FMAG) was up 4.8% during trading on Monday . The company traded as high as $31.83 and last traded at $32.55. Approximately 199,009 shares changed hands during mid-day trading, The stock had previously closed at $31.05.

Fidelity Magellan ETF Stock Performance

The stock has a fifty day moving average of $31.91 and a 200 day moving average of $31.03. The company has a market capitalization of $108.29 million, a PE ratio of 0.86 and a beta of 1.13.

Institutional Trading of Fidelity Magellan ETF

Hedge funds have recently modified their holdings of the company. Wells Fargo & Company MN increased its holdings in shares of Fidelity Magellan ETF by 2,430.2% in the 4th quarter. Wells Fargo & Company MN now owns 469,548 shares of the company’s stock worth $14,528,000 after buying an additional 450,990 shares during the last quarter. FIL Ltd grew its position in Fidelity Magellan ETF by 408.1% in the fourth quarter. FIL Ltd now owns 344,801 shares of the company’s stock worth $10,668,000 after acquiring an additional 276,936 shares in the last quarter. Arkadios Wealth Advisors bought a new stake in Fidelity Magellan ETF during the third quarter worth approximately $3,250,000. PNC Financial Services Group Inc. raised its position in 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 valued at $1,585,000 after purchasing an additional 40,098 shares during the period. Finally, Envestnet Asset Management Inc. raised its position in Fidelity Magellan ETF by 71.6% during the fourth quarter. Envestnet Asset Management Inc. now owns 88,773 shares of the company’s stock valued at $2,747,000 after purchasing an additional 37,030 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.