Fidelity Magellan ETF (BATS:FMAG) Sees Significant Increase in Short Interest

Fidelity Magellan ETF (BATS:FMAG) was the recipient of a significant increase in short interest during the month of October. As of October 15th, there was short interest totaling 1,380 shares, an increase of 305.9% from the September 30th total of 340 shares. Approximately 0.0% of the shares of the stock are sold short. Based on an average daily trading volume, of 14,631 shares, the days-to-cover ratio is currently 0.1 days.

Fidelity Magellan ETF Stock Performance

Shares of FMAG opened at $35.07 on Wednesday. Fidelity Magellan ETF has a 52 week low of $30.49 and a 52 week high of $37.58. The stock has a market capitalization of $258.82 million, a price-to-earnings ratio of 34.77 and a beta of 1.13. The stock has a fifty day moving average of $35.89 and a 200-day moving average of $35.15.

Hedge Funds Weigh In On Fidelity Magellan ETF

A number of institutional investors and hedge funds have recently bought and sold shares of FMAG. MWA Asset Management bought a new position in Fidelity Magellan ETF in the first quarter valued at about $63,000. Envestnet Asset Management Inc. boosted its stake in shares of Fidelity Magellan ETF by 3.1% during the second quarter. Envestnet Asset Management Inc. now owns 100,620 shares of the company’s stock valued at $3,700,000 after purchasing an additional 3,028 shares in the last quarter. Integrated Wealth Concepts LLC bought a new stake in shares of Fidelity Magellan ETF during the second quarter worth about $196,000. Kestra Advisory Services LLC grew its holdings in shares of Fidelity Magellan ETF by 15.5% during the first quarter. Kestra Advisory Services LLC now owns 40,172 shares of the company’s stock worth $1,270,000 after purchasing an additional 5,381 shares during the last quarter. Finally, Sigma Planning Corp grew its holdings in shares of Fidelity Magellan ETF by 15.6% during the first quarter. Sigma Planning Corp now owns 47,198 shares of the company’s stock worth $1,492,000 after purchasing an additional 6,352 shares during the last quarter.

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.