Fidelity MSCI Materials Index ETF (NYSEARCA:FMAT) Sees Strong Trading Volume – Should You Buy?

Shares of Fidelity MSCI Materials Index ETF (NYSEARCA:FMAT) saw unusually-high trading volume on Wednesday. Approximately 254,529 shares changed hands during trading, an increase of 361% from the previous session’s volume of 55,196 shares. The stock last traded at $56.1860 and had previously closed at $56.20.

Fidelity MSCI Materials Index ETF Stock Down 0.0%

The business’s 50-day moving average price is $59.07 and its 200 day moving average price is $58.80. The company has a market capitalization of $573.06 million, a P/E ratio of 23.26 and a beta of 0.97.

Institutional Investors Weigh In On Fidelity MSCI Materials Index ETF

A number of institutional investors and hedge funds have recently made changes to their positions in FMAT. Cetera Investment Advisers boosted its stake in Fidelity MSCI Materials Index ETF by 614.1% during the first quarter. Cetera Investment Advisers now owns 100,986 shares of the company’s stock valued at $5,821,000 after buying an additional 86,844 shares during the period. Bank of New York Mellon Corp bought a new position in Fidelity MSCI Materials Index ETF in the 1st quarter worth about $2,866,000. Kovitz Investment Group Partners LLC increased its stake in Fidelity MSCI Materials Index ETF by 83.4% in the 4th quarter. Kovitz Investment Group Partners LLC now owns 96,473 shares of the company’s stock worth $5,124,000 after acquiring an additional 43,872 shares during the last quarter. Lido Advisors LLC raised its holdings in shares of Fidelity MSCI Materials Index ETF by 4.9% in the 1st quarter. Lido Advisors LLC now owns 654,663 shares of the company’s stock valued at $37,735,000 after acquiring an additional 30,472 shares in the last quarter. Finally, Kestra Private Wealth Services LLC purchased a new stake in shares of Fidelity MSCI Materials Index ETF in the 1st quarter valued at about $1,068,000.

About Fidelity MSCI Materials Index ETF

The Fidelity MSCI Materials Index ETF (FMAT) is an exchange-traded fund that is based on the MSCI USA IMI Materials 25\u002F50 index, a market-cap-weighted index of stocks in the US basic materials sector across the entire market-cap spectrum. FMAT was launched on Oct 21, 2013 and is managed by Fidelity.