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

Fidelity MSCI Materials Index ETF (NYSEARCA:FMAT) saw unusually-high trading volume on Monday . Approximately 73,238 shares were traded during mid-day trading, an increase of 102% from the previous session’s volume of 36,226 shares.The stock last traded at $54.27 and had previously closed at $54.13.

Fidelity MSCI Materials Index ETF Price Performance

The stock has a 50 day simple moving average of $52.19 and a two-hundred day simple moving average of $51.26. The company has a market capitalization of $554.03 million, a price-to-earnings ratio of 15.76 and a beta of 0.92.

Hedge Funds Weigh In On Fidelity MSCI Materials Index ETF

Hedge funds have recently added to or reduced their stakes in the stock. AE Wealth Management LLC increased its position in shares of Fidelity MSCI Materials Index ETF by 24.4% during the second quarter. AE Wealth Management LLC now owns 564,648 shares of the company’s stock worth $27,911,000 after purchasing an additional 110,641 shares in the last quarter. Envestnet Asset Management Inc. grew its stake in Fidelity MSCI Materials Index ETF by 12.5% during the 2nd quarter. Envestnet Asset Management Inc. now owns 464,127 shares of the company’s stock worth $22,942,000 after buying an additional 51,642 shares during the last quarter. Cetera Investment Advisers increased its position in Fidelity MSCI Materials Index ETF by 13.9% during the second quarter. Cetera Investment Advisers now owns 214,922 shares of the company’s stock worth $10,624,000 after buying an additional 26,169 shares during the period. Commonwealth Equity Services LLC boosted its holdings in shares of Fidelity MSCI Materials Index ETF by 21.4% in the second quarter. Commonwealth Equity Services LLC now owns 123,019 shares of the company’s stock valued at $6,081,000 after acquiring an additional 21,683 shares during the period. Finally, Advisory Services Network LLC boosted its holdings in shares of Fidelity MSCI Materials Index ETF by 31.2% in the first quarter. Advisory Services Network LLC now owns 86,720 shares of the company’s stock valued at $4,542,000 after acquiring an additional 20,617 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.