Fidelity Magellan ETF (BATS:FMAG) Sees Large Growth in Short Interest

Fidelity Magellan ETF (BATS:FMAG) saw a significant growth in short interest in the month of October. As of October 30th, there was short interest totaling 3,580 shares, a growth of 159.4% from the October 15th total of 1,380 shares. Based on an average trading volume of 13,308 shares, the days-to-cover ratio is currently 0.3 days. Currently, 0.1% of the company’s shares are sold short.

Fidelity Magellan ETF Stock Down 0.1%

BATS:FMAG opened at $34.62 on Friday. The stock has a market cap of $231.26 million, a P/E ratio of 25.14 and a beta of 1.12. The firm’s fifty day simple moving average is $35.48 and its 200 day simple moving average is $35.14. Fidelity Magellan ETF has a twelve month low of $30.49 and a twelve month high of $37.58.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in FMAG. Sigma Planning Corp bought a new stake in shares of Fidelity Magellan ETF during the 3rd quarter valued at about $2,077,000. Commonwealth Equity Services LLC bought a new position in Fidelity Magellan ETF in the third quarter worth about $1,022,000. Arkadios Wealth Advisors raised its stake in Fidelity Magellan ETF by 14.1% in the first quarter. Arkadios Wealth Advisors now owns 220,450 shares of the company’s stock worth $6,971,000 after buying an additional 27,299 shares in the last quarter. Kestra Advisory Services LLC raised its stake in Fidelity Magellan ETF by 76.9% in the third quarter. Kestra Advisory Services LLC now owns 40,637 shares of the company’s stock worth $1,469,000 after buying an additional 17,663 shares in the last quarter. Finally, Cetera Investment Advisers lifted its holdings in Fidelity Magellan ETF by 66.3% in the first quarter. Cetera Investment Advisers now owns 28,808 shares of the company’s stock worth $911,000 after buying an additional 11,489 shares during the period.

Fidelity Magellan ETF Company Profile

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.