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

Shares of Fidelity MSCI Materials Index ETF (NYSEARCA:FMAT) saw unusually-high trading volume on Tuesday . Approximately 89,811 shares traded 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 Stock Down 1.2%

The business’s 50 day moving average is $59.27 and its two-hundred day moving average is $55.53. The firm has a market capitalization of $576.67 million, a P/E ratio of 23.26 and a beta of 1.03.

Institutional Investors Weigh In On Fidelity MSCI Materials Index ETF

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Penobscot Wealth Management raised its stake in shares of Fidelity MSCI Materials Index ETF by 17.5% during the first quarter. Penobscot Wealth Management now owns 16,539 shares of the company’s stock valued at $953,000 after purchasing an additional 2,458 shares in the last quarter. Kestra Private Wealth Services LLC bought a new stake in shares of Fidelity MSCI Materials Index ETF during the first quarter valued at about $1,068,000. Centennial Wealth Advisory LLC raised its stake in shares of Fidelity MSCI Materials Index ETF by 9.9% during the first quarter. Centennial Wealth Advisory LLC now owns 5,851 shares of the company’s stock valued at $337,000 after purchasing an additional 527 shares in the last quarter. Certified Advisory Corp raised its stake in shares of Fidelity MSCI Materials Index ETF by 8.0% during the first quarter. Certified Advisory Corp now owns 81,285 shares of the company’s stock valued at $4,685,000 after purchasing an additional 6,051 shares in the last quarter. Finally, Smith Salley Wealth Management raised its stake in shares of Fidelity MSCI Materials Index ETF by 1.7% during the first quarter. Smith Salley Wealth Management now owns 13,748 shares of the company’s stock valued at $792,000 after purchasing an additional 228 shares in the last quarter.

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.