Short Interest in Fidelity MSCI Materials Index ETF (NYSEARCA:FMAT) Declines By 60.5%

Fidelity MSCI Materials Index ETF (NYSEARCA:FMAT) was the target of a significant drop in short interest during the month of July. As of July 15th, there was short interest totaling 12,053 shares, a drop of 60.5% from the June 30th total of 30,493 shares. Approximately 0.1% of the shares of the company are short sold. Based on an average trading volume of 79,962 shares, the short-interest ratio is currently 0.2 days.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in FMAT. Wealth Alliance Advisory Group LLC bought a new position in shares of Fidelity MSCI Materials Index ETF during the 4th quarter worth approximately $1,393,000. Mach 1 Financial Group LLC bought a new stake in Fidelity MSCI Materials Index ETF in the fourth quarter valued at $1,609,000. Northwestern Mutual Wealth Management Co. grew its position in Fidelity MSCI Materials Index ETF by 23,517.9% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 334,902 shares of the company’s stock valued at $17,787,000 after acquiring an additional 333,484 shares during the period. Kovitz Investment Group Partners LLC raised its stake in Fidelity MSCI Materials Index ETF by 83.4% during the fourth quarter. Kovitz Investment Group Partners LLC now owns 96,473 shares of the company’s stock worth $5,124,000 after acquiring an additional 43,872 shares in the last quarter. Finally, AE Wealth Management LLC lifted its holdings in shares of Fidelity MSCI Materials Index ETF by 25.8% during the fourth quarter. AE Wealth Management LLC now owns 1,328,708 shares of the company’s stock valued at $70,568,000 after acquiring an additional 272,726 shares during the period.

Fidelity MSCI Materials Index ETF Price Performance

FMAT stock traded down $1.29 on Wednesday, reaching $57.60. 7,436 shares of the company were exchanged, compared to its average volume of 58,724. The firm has a market capitalization of $581.76 million, a PE ratio of 23.26 and a beta of 0.97. Fidelity MSCI Materials Index ETF has a 12 month low of $48.76 and a 12 month high of $62.84. The stock’s fifty day moving average price is $58.66 and its 200 day moving average price is $58.95.

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.