Fidelity Magellan ETF (BATS:FMAG) Share Price Crosses Above Two Hundred Day Moving Average – What’s Next?

Fidelity Magellan ETF (BATS:FMAG) shares crossed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $35.16 and traded as high as $35.31. Fidelity Magellan ETF shares last traded at $35.25, with a volume of 8,931 shares traded.

Fidelity Magellan ETF Stock Up 0.5%

The firm has a market cap of $260.14 million, a price-to-earnings ratio of 34.77 and a beta of 1.13. The company’s fifty day moving average is $35.86 and its 200 day moving average is $35.16.

Institutional Investors Weigh In On Fidelity Magellan ETF

Several institutional investors and hedge funds have recently added to or reduced their stakes in FMAG. Arkadios Wealth Advisors boosted its stake in shares of Fidelity Magellan ETF by 14.1% during the 1st quarter. Arkadios Wealth Advisors now owns 220,450 shares of the company’s stock worth $6,971,000 after buying an additional 27,299 shares during the last quarter. Envestnet Asset Management Inc. grew its holdings in shares of Fidelity Magellan ETF by 3.1% in the 2nd quarter. Envestnet Asset Management Inc. now owns 100,620 shares of the company’s stock valued at $3,700,000 after acquiring an additional 3,028 shares in the last quarter. Sigma Planning Corp bought a new position in shares of Fidelity Magellan ETF in the 3rd quarter valued at about $2,077,000. Kestra Advisory Services LLC grew its holdings in shares of Fidelity Magellan ETF by 15.5% in the 1st quarter. Kestra Advisory Services LLC now owns 40,172 shares of the company’s stock valued at $1,270,000 after acquiring an additional 5,381 shares in the last quarter. Finally, Cetera Investment Advisers grew its holdings in shares of Fidelity Magellan ETF by 66.3% in the 1st quarter. Cetera Investment Advisers now owns 28,808 shares of the company’s stock valued at $911,000 after acquiring an additional 11,489 shares in 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.