Fidelity Magellan ETF (BATS:FMAG) Trading Up 0.4% – Still a Buy?

Fidelity Magellan ETF (BATS:FMAG) was up 0.4% on Wednesday . The company traded as high as $35.65 and last traded at $35.65. Approximately 22,515 shares were traded during trading, a decline of 30% from the average daily volume of 32,180 shares. The stock had previously closed at $35.52.

Fidelity Magellan ETF Trading Up 0.0%

The company has a market capitalization of $262.95 million, a PE ratio of 34.77 and a beta of 1.13. The stock has a fifty day moving average of $33.46 and a two-hundred day moving average of $34.02.

Hedge Funds Weigh In On Fidelity Magellan ETF

Large investors have recently modified their holdings of the company. Integrated Wealth Concepts LLC purchased a new position in Fidelity Magellan ETF in the 1st quarter worth approximately $261,000. Jones Financial Companies Lllp increased its stake in Fidelity Magellan ETF by 10.4% in the 1st quarter. Jones Financial Companies Lllp now owns 11,523 shares of the company’s stock worth $335,000 after purchasing an additional 1,083 shares during the period. Bank of America Corp DE purchased a new position in Fidelity Magellan ETF in the 2nd quarter worth approximately $310,000. Osaic Holdings Inc. purchased a new position in Fidelity Magellan ETF in the 2nd quarter worth approximately $74,000. Finally, Arkadios Wealth Advisors increased its stake in Fidelity Magellan ETF by 13.2% in the 3rd quarter. Arkadios Wealth Advisors now owns 161,201 shares of the company’s stock worth $5,676,000 after purchasing an additional 18,749 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.