Fidelity Momentum Factor ETF (NYSEARCA:FDMO) Sees Significant Drop in Short Interest

Fidelity Momentum Factor ETF (NYSEARCA:FDMO) was the target of a significant decrease in short interest during the month of May. As of May 29th, there was short interest totaling 16,006 shares, a decrease of 54.0% from the May 14th total of 34,779 shares. Based on an average daily volume of 41,321 shares, the days-to-cover ratio is presently 0.4 days. Currently, 0.2% of the shares of the stock are short sold.

Institutional Trading of Fidelity Momentum Factor ETF

Several hedge funds have recently modified their holdings of FDMO. Kestra Advisory Services LLC grew its stake in shares of Fidelity Momentum Factor ETF by 258.0% during the first quarter. Kestra Advisory Services LLC now owns 209,587 shares of the company’s stock valued at $16,788,000 after purchasing an additional 151,049 shares during the last quarter. Marks Group Wealth Management Inc boosted its stake in Fidelity Momentum Factor ETF by 1,548.7% in the first quarter. Marks Group Wealth Management Inc now owns 85,120 shares of the company’s stock valued at $6,818,000 after acquiring an additional 79,957 shares during the last quarter. LPL Financial LLC boosted its stake in Fidelity Momentum Factor ETF by 87.3% in the fourth quarter. LPL Financial LLC now owns 106,798 shares of the company’s stock valued at $8,967,000 after acquiring an additional 49,790 shares during the last quarter. NewEdge Advisors LLC boosted its stake in Fidelity Momentum Factor ETF by 373.9% in the second quarter. NewEdge Advisors LLC now owns 58,485 shares of the company’s stock valued at $4,437,000 after acquiring an additional 46,144 shares during the last quarter. Finally, Jane Street Group LLC bought a new position in Fidelity Momentum Factor ETF in the first quarter valued at approximately $2,329,000.

Fidelity Momentum Factor ETF Trading Up 1.0%

Shares of FDMO traded up $0.92 during mid-day trading on Friday, hitting $95.31. 46,741 shares of the company traded hands, compared to its average volume of 66,484. Fidelity Momentum Factor ETF has a one year low of $72.35 and a one year high of $97.21. The business has a 50-day moving average of $90.90 and a 200 day moving average of $86.50. The stock has a market capitalization of $886.38 million, a price-to-earnings ratio of 28.38 and a beta of 1.05.

About Fidelity Momentum Factor ETF

The Fidelity Momentum Factor ETF (FDMO) is an exchange-traded fund that is based on the Fidelity U.S. Momentum Factor index. The fund tracks an index large-cap US stocks selected for positive momentum signals. FDMO was launched on Sep 12, 2016 and is managed by Fidelity.