Fidelity MSCI Information Technology Index ETF (NYSEARCA:FTEC) Short Interest Up 786.2% in May

Fidelity MSCI Information Technology Index ETF (NYSEARCA:FTEC) saw a significant growth in short interest during the month of May. As of May 29th, there was short interest totaling 1,002,279 shares, a growth of 786.2% from the May 14th total of 113,098 shares. Based on an average trading volume of 304,399 shares, the short-interest ratio is presently 3.3 days. Currently, 1.4% of the company’s stock are sold short.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Financial Life Planners purchased a new position in shares of Fidelity MSCI Information Technology Index ETF in the third quarter worth $25,000. Bessemer Group Inc. purchased a new position in shares of Fidelity MSCI Information Technology Index ETF in the third quarter worth $26,000. Wealth Watch Advisors INC purchased a new position in shares of Fidelity MSCI Information Technology Index ETF in the third quarter worth $30,000. Strategic Advocates LLC purchased a new position in shares of Fidelity MSCI Information Technology Index ETF in the third quarter worth $31,000. Finally, Elyxium Wealth LLC purchased a new position in shares of Fidelity MSCI Information Technology Index ETF in the fourth quarter worth $37,000.

Fidelity MSCI Information Technology Index ETF Trading Down 1.9%

NYSEARCA FTEC opened at $274.63 on Wednesday. The company has a fifty day simple moving average of $253.82 and a two-hundred day simple moving average of $233.13. The stock has a market cap of $19.97 billion, a P/E ratio of 35.45 and a beta of 1.34. Fidelity MSCI Information Technology Index ETF has a 12-month low of $184.88 and a 12-month high of $300.79.

Fidelity MSCI Information Technology Index ETF Company Profile

The Fidelity MSCI Information Technology Index ETF (FTEC) is an exchange-traded fund that mostly invests in information technology equity. The fund tracks a market-cap-weighted index of stocks in the broad US information technology sector. FTEC was launched on Oct 21, 2013 and is managed by Fidelity.