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

Fidelity MSCI Materials Index ETF (NYSEARCA:FMAT) shares saw unusually-strong trading volume on Tuesday . Approximately 89,811 shares changed hands during trading, an increase of 64% from the previous session’s volume of 54,664 shares.The stock last traded at $60.32 and had previously closed at $60.78.

Fidelity MSCI Materials Index ETF Price Performance

The business’s 50-day moving average price is $59.27 and its two-hundred day moving average price is $55.53. The firm has a market cap of $576.67 million, a price-to-earnings ratio of 23.26 and a beta of 1.03.

Hedge Funds Weigh In On Fidelity MSCI Materials Index ETF

A number of hedge funds have recently added to or reduced their stakes in FMAT. Jones Financial Companies Lllp boosted its holdings in Fidelity MSCI Materials Index ETF by 1,778.8% in the first quarter. Jones Financial Companies Lllp now owns 2,480 shares of the company’s stock worth $124,000 after purchasing an additional 2,348 shares during the period. Goldman Sachs Group Inc. boosted its holdings in Fidelity MSCI Materials Index ETF by 1.2% in the first quarter. Goldman Sachs Group Inc. now owns 50,589 shares of the company’s stock worth $2,444,000 after purchasing an additional 589 shares during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in Fidelity MSCI Materials Index ETF by 33.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,404 shares of the company’s stock worth $70,000 after purchasing an additional 352 shares during the period. Qube Research & Technologies Ltd acquired a new position in Fidelity MSCI Materials Index ETF in the second quarter worth $91,000. Finally, Bank of America Corp DE boosted its holdings in Fidelity MSCI Materials Index ETF by 13.2% in the second quarter. Bank of America Corp DE now owns 19,874 shares of the company’s stock worth $991,000 after purchasing an additional 2,319 shares during the period.

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.