Fidelity MSCI Communication Services Index ETF (NYSEARCA:FCOM) Hits New 12-Month High – Here’s Why

Fidelity MSCI Communication Services Index ETF (NYSEARCA:FCOM)’s stock price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $55.89 and last traded at $55.58, with a volume of 13362 shares trading hands. The stock had previously closed at $55.13.

Fidelity MSCI Communication Services Index ETF Stock Performance

The stock has a market cap of $1.19 billion, a price-to-earnings ratio of 26.44 and a beta of 1.22. The business’s 50 day moving average is $53.75 and its 200-day moving average is $51.83.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. New Millennium Group LLC purchased a new position in Fidelity MSCI Communication Services Index ETF in the 2nd quarter valued at $28,000. Pathway Financial Advisers LLC acquired a new stake in shares of Fidelity MSCI Communication Services Index ETF in the first quarter valued at about $34,000. Comerica Bank lifted its stake in shares of Fidelity MSCI Communication Services Index ETF by 27.7% in the first quarter. Comerica Bank now owns 2,203 shares of the company’s stock worth $109,000 after buying an additional 478 shares in the last quarter. Sunbelt Securities Inc. boosted its position in Fidelity MSCI Communication Services Index ETF by 25.6% during the first quarter. Sunbelt Securities Inc. now owns 2,349 shares of the company’s stock worth $116,000 after acquiring an additional 479 shares during the last quarter. Finally, Smithfield Trust Co grew its stake in Fidelity MSCI Communication Services Index ETF by 72.2% during the 1st quarter. Smithfield Trust Co now owns 3,400 shares of the company’s stock valued at $169,000 after acquiring an additional 1,425 shares in the last quarter.

About Fidelity MSCI Communication Services Index ETF

The Fidelity MSCI Communication Services Index ETF (FCOM) is an exchange-traded fund that mostly invests in communication services equity. The fund tracks a market-cap-weighted index of stocks in the US communication services sector. FCOM was launched on Oct 21, 2013 and is managed by Fidelity.