NYLI MacKay Shields Municipal Intermediate ETF (NYSEARCA:MMIT) Sees Strong Trading Volume – Still a Buy?

NYLI MacKay Shields Municipal Intermediate ETF (NYSEARCA:MMIT) shares saw unusually-high trading volume on Tuesday . Approximately 6,866,754 shares traded hands during trading, an increase of 2,108% from the previous session’s volume of 310,960 shares.The stock last traded at $24.20 and had previously closed at $24.14.

NYLI MacKay Shields Municipal Intermediate ETF Price Performance

The stock’s 50-day simple moving average is $24.26 and its 200-day simple moving average is $24.39.

Institutional Investors Weigh In On NYLI MacKay Shields Municipal Intermediate ETF

Institutional investors have recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. grew its position in NYLI MacKay Shields Municipal Intermediate ETF by 13.8% in the 3rd quarter. Envestnet Asset Management Inc. now owns 670,295 shares of the company’s stock worth $16,288,000 after purchasing an additional 81,096 shares in the last quarter. Farther Finance Advisors LLC bought a new stake in NYLI MacKay Shields Municipal Intermediate ETF in the 4th quarter worth about $1,448,000. BCS Wealth Management grew its position in NYLI MacKay Shields Municipal Intermediate ETF by 116.2% in the 4th quarter. BCS Wealth Management now owns 48,364 shares of the company’s stock worth $1,177,000 after purchasing an additional 25,999 shares in the last quarter. Smallwood Wealth Investment Management LLC grew its position in NYLI MacKay Shields Municipal Intermediate ETF by 22.3% in the 4th quarter. Smallwood Wealth Investment Management LLC now owns 162,444 shares of the company’s stock worth $3,952,000 after purchasing an additional 29,619 shares in the last quarter. Finally, Vicus Capital grew its position in NYLI MacKay Shields Municipal Intermediate ETF by 7.7% in the 4th quarter. Vicus Capital now owns 379,218 shares of the company’s stock worth $9,226,000 after purchasing an additional 27,018 shares in the last quarter.

About NYLI MacKay Shields Municipal Intermediate ETF

The IQ MacKay Municipal Intermediate ETF (MMIT) is an exchange-traded fund that mostly invests in investment grade fixed income. The fund is actively managed to provide enhanced total-return potential by investing mainly in investment-grade, AMT-free US municipal bonds with duration between 3-10 years. MMIT was launched on Oct 18, 2017 and is managed by IndexIQ.