NYLIM MacKay Shields Municipal Intermediate ETF (NYSEARCA:MMIT) Sees Large Volume Increase – Time to Buy?

NYLIM MacKay Shields Municipal Intermediate ETF (NYSEARCA:MMIT) shares saw unusually-strong trading volume on Tuesday. Approximately 957,373 shares were traded during mid-day trading, an increase of 98% from the average daily volume of 484,420 shares. The stock last traded at $23.66 and had previously closed at $23.62.

NYLIM MacKay Shields Municipal Intermediate ETF Trading Down 0.0%

The firm has a fifty day moving average of $23.42 and a 200-day moving average of $24.10.

Hedge Funds Weigh In On NYLIM MacKay Shields Municipal Intermediate ETF

Several institutional investors and hedge funds have recently modified their holdings of the company. Meeder Advisory Services Inc. lifted its stake in shares of NYLIM MacKay Shields Municipal Intermediate ETF by 30.3% during the first quarter. Meeder Advisory Services Inc. now owns 2,944,732 shares of the company’s stock worth $70,983,000 after purchasing an additional 683,938 shares in the last quarter. Waverly Advisors LLC purchased a new stake in shares of NYLIM MacKay Shields Municipal Intermediate ETF in the second quarter worth about $13,967,000. Bank of America Corp DE boosted its position in shares of NYLIM MacKay Shields Municipal Intermediate ETF by 8.2% in the first quarter. Bank of America Corp DE now owns 6,215,015 shares of the company’s stock worth $149,813,000 after buying an additional 471,765 shares during the period. Avior Wealth Management LLC grew its stake in shares of NYLIM MacKay Shields Municipal Intermediate ETF by 100.0% in the third quarter. Avior Wealth Management LLC now owns 744,372 shares of the company’s stock valued at $17,031,000 after buying an additional 372,250 shares in the last quarter. Finally, Concurrent Investment Advisors LLC acquired a new stake in shares of NYLIM MacKay Shields Municipal Intermediate ETF in the second quarter valued at about $8,719,000.

NYLIM MacKay Shields Municipal Intermediate ETF Company Profile

The IQ MacKay Municipal Intermediate ETF (MMIT) is an exchange-traded fund that mostly invests in investment grade fixed income. The fund is actively managed to provide enhanced total-return potential by investing mainly in investment-grade, AMT-free US municipal bonds with duration between 3-10 years. MMIT was launched on Oct 18, 2017 and is managed by IndexIQ.