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

Fidelity MSCI Communication Services Index ETF (NYSEARCA:FCOM) saw unusually-high trading volume on Thursday . Approximately 2,062,170 shares traded hands during trading, an increase of 881% from the previous session’s volume of 210,256 shares.The stock last traded at $75.3450 and had previously closed at $73.74.

Fidelity MSCI Communication Services Index ETF Stock Up 2.8%

The stock has a market capitalization of $1.99 billion, a P/E ratio of 19.08 and a beta of 1.06. The company has a 50-day moving average price of $72.70 and a two-hundred day moving average price of $70.17.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. UBS Group AG boosted its stake in Fidelity MSCI Communication Services Index ETF by 2.4% during the fourth quarter. UBS Group AG now owns 74,672 shares of the company’s stock valued at $5,472,000 after buying an additional 1,730 shares during the period. Live Oak Investment Partners grew its position in Fidelity MSCI Communication Services Index ETF by 4.7% in the fourth quarter. Live Oak Investment Partners now owns 17,498 shares of the company’s stock worth $1,282,000 after acquiring an additional 785 shares in the last quarter. Schmidt P J Investment Management Inc. bought a new stake in Fidelity MSCI Communication Services Index ETF in the 4th quarter worth approximately $296,000. EPG Wealth Management LLC lifted its holdings in shares of Fidelity MSCI Communication Services Index ETF by 2.0% in the 4th quarter. EPG Wealth Management LLC now owns 17,227 shares of the company’s stock worth $1,262,000 after acquiring an additional 333 shares during the last quarter. Finally, Kingswood Wealth Advisors LLC raised its position in Fidelity MSCI Communication Services Index ETF by 1.7% in the 4th quarter. Kingswood Wealth Advisors LLC now owns 90,399 shares of the company’s stock worth $6,624,000 after purchasing an additional 1,532 shares during the period.

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.