Fidelity MSCI Materials Index ETF (NYSEARCA:FMAT) Sees Large Volume Increase – Still a Buy?

Shares of Fidelity MSCI Materials Index ETF (NYSEARCA:FMAT) saw unusually-high trading volume on Tuesday . Approximately 66,967 shares were traded during mid-day trading, an increase of 19% from the previous session’s volume of 56,493 shares.The stock last traded at $58.62 and had previously closed at $58.27.

Fidelity MSCI Materials Index ETF Stock Down 0.1%

The company’s fifty day simple moving average is $59.27 and its 200 day simple moving average is $58.39. The firm has a market capitalization of $619.78 million, a PE ratio of 23.26 and a beta of 0.97.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. NewEdge Advisors LLC boosted its position in shares of Fidelity MSCI Materials Index ETF by 108.1% during the first quarter. NewEdge Advisors LLC now owns 11,602 shares of the company’s stock valued at $669,000 after purchasing an additional 6,028 shares in the last quarter. Centaurus Financial Inc. purchased a new position in Fidelity MSCI Materials Index ETF during the first quarter valued at $156,000. Lido Advisors LLC lifted its position in Fidelity MSCI Materials Index ETF by 4.9% during the first quarter. Lido Advisors LLC now owns 654,663 shares of the company’s stock valued at $37,735,000 after buying an additional 30,472 shares during the period. Cetera Investment Advisers boosted its holdings in shares of Fidelity MSCI Materials Index ETF by 614.1% during the 1st 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 in the last quarter. Finally, Modera Wealth Management LLC bought a new stake in shares of Fidelity MSCI Materials Index ETF during the 1st quarter valued at $213,000.

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.