Fidelity Magellan ETF (BATS:FMAG) Stock Price Up 1.9% – Should You Buy?

Fidelity Magellan ETF (BATS:FMAG)’s share price rose 1.9% during mid-day trading on Thursday . The company traded as high as $31.83 and last traded at $31.64. Approximately 199,009 shares were traded during mid-day trading, The stock had previously closed at $31.05.

Fidelity Magellan ETF Price Performance

The stock has a market cap of $105.34 million, a price-to-earnings ratio of 0.86 and a beta of 1.13. The firm’s 50-day moving average is $31.65 and its 200 day moving average is $30.56.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Elevation Capital Advisory LLC purchased a new stake in Fidelity Magellan ETF during the second quarter valued at about $265,000. Sigma Planning Corp grew its holdings in shares of Fidelity Magellan ETF by 24.9% during the 3rd quarter. Sigma Planning Corp now owns 15,601 shares of the company’s stock worth $478,000 after purchasing an additional 3,114 shares during the period. Commonwealth Equity Services LLC increased its position in Fidelity Magellan ETF by 9.2% during the 2nd quarter. Commonwealth Equity Services LLC now owns 24,876 shares of the company’s stock worth $738,000 after purchasing an additional 2,104 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in Fidelity Magellan ETF by 344.0% in the third quarter. PNC Financial Services Group Inc. now owns 51,753 shares of the company’s stock valued at $1,585,000 after buying an additional 40,098 shares during the period. Finally, Arkadios Wealth Advisors purchased a new position in Fidelity Magellan ETF in the third quarter valued at approximately $3,250,000.

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.