Fidelity Magellan ETF (BATS:FMAG) Trading Down 2.6% – Here’s Why

Fidelity Magellan ETF (BATS:FMAG) fell 2.6% during mid-day trading on Tuesday . The stock traded as low as $35.04 and last traded at $34.23. 37,282 shares traded hands during mid-day trading, a decline of 36% from the average session volume of 58,325 shares. The stock had previously closed at $35.13.

Fidelity Magellan ETF Trading Down 2.6%

The company’s fifty day simple moving average is $34.58 and its 200 day simple moving average is $34.41. The stock has a market capitalization of $252.62 million, a P/E ratio of 34.77 and a beta of 1.13.

Hedge Funds Weigh In On Fidelity Magellan ETF

Institutional investors have recently added to or reduced their stakes in the business. Arkadios Wealth Advisors raised its holdings in shares of Fidelity Magellan ETF by 13.2% in the 3rd quarter. Arkadios Wealth Advisors now owns 161,201 shares of the company’s stock valued at $5,676,000 after acquiring an additional 18,749 shares in the last quarter. PNC Financial Services Group Inc. increased its position in shares of Fidelity Magellan ETF by 13.5% in the third quarter. PNC Financial Services Group Inc. now owns 138,357 shares of the company’s stock worth $4,872,000 after purchasing an additional 16,499 shares during the last quarter. Anson Capital Inc. raised its stake in Fidelity Magellan ETF by 0.8% in the third quarter. Anson Capital Inc. now owns 96,836 shares of the company’s stock valued at $3,410,000 after purchasing an additional 740 shares in the last quarter. Jones Financial Companies Lllp lifted its position in Fidelity Magellan ETF by 45.3% during the third quarter. Jones Financial Companies Lllp now owns 72,510 shares of the company’s stock valued at $2,532,000 after purchasing an additional 22,612 shares during the last quarter. Finally, J.W. Cole Advisors Inc. bought a new stake in Fidelity Magellan ETF during the third quarter valued at approximately $2,220,000.

Fidelity Magellan ETF Company Profile

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.