Fidelity Momentum Factor ETF (NYSEARCA:FDMO) Sees Large Decrease in Short Interest

Fidelity Momentum Factor ETF (NYSEARCA:FDMO) was the target of a significant drop in short interest in the month of March. As of March 31st, there was short interest totaling 39,060 shares, a drop of 41.8% from the March 15th total of 67,127 shares. Based on an average daily trading volume, of 134,650 shares, the short-interest ratio is currently 0.3 days. Approximately 0.4% of the shares of the company are short sold.

Fidelity Momentum Factor ETF Price Performance

Shares of NYSEARCA FDMO traded up $1.55 during mid-day trading on Tuesday, hitting $87.13. The company had a trading volume of 65,987 shares, compared to its average volume of 75,751. The business’s 50-day simple moving average is $82.86 and its 200-day simple moving average is $83.78. Fidelity Momentum Factor ETF has a 12 month low of $59.54 and a 12 month high of $88.11. The firm has a market cap of $792.88 million, a P/E ratio of 28.38 and a beta of 1.05.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in FDMO. Envestnet Asset Management Inc. raised its position in Fidelity Momentum Factor ETF by 5.8% in the third quarter. Envestnet Asset Management Inc. now owns 1,258,647 shares of the company’s stock worth $104,682,000 after purchasing an additional 68,770 shares in the last quarter. LPL Financial LLC raised its position in Fidelity Momentum Factor ETF by 87.3% in the fourth quarter. LPL Financial LLC now owns 106,798 shares of the company’s stock worth $8,967,000 after purchasing an additional 49,790 shares in the last quarter. NewEdge Advisors LLC raised its position in Fidelity Momentum Factor ETF by 373.9% in the second quarter. NewEdge Advisors LLC now owns 58,485 shares of the company’s stock worth $4,437,000 after purchasing an additional 46,144 shares in the last quarter. Jane Street Group LLC acquired a new position in Fidelity Momentum Factor ETF in the first quarter worth about $2,329,000. Finally, Goldman Sachs Group Inc. raised its position in Fidelity Momentum Factor ETF by 827.9% in the first quarter. Goldman Sachs Group Inc. now owns 34,935 shares of the company’s stock worth $2,273,000 after purchasing an additional 31,170 shares in the last quarter.

About Fidelity Momentum Factor ETF

The Fidelity Momentum Factor ETF (FDMO) is an exchange-traded fund that is based on the Fidelity U.S. Momentum Factor index. The fund tracks an index large-cap US stocks selected for positive momentum signals. FDMO was launched on Sep 12, 2016 and is managed by Fidelity.