Fidelity Momentum Factor ETF (NYSEARCA:FDMO) Sees Significant Decrease in Short Interest

Fidelity Momentum Factor ETF (NYSEARCA:FDMO) saw a large decrease in short interest in the month of September. As of September 15th, there was short interest totaling 9,892 shares, a decrease of 49.9% from the August 31st total of 19,741 shares. Based on an average daily volume of 47,046 shares, the days-to-cover ratio is currently 0.2 days. Approximately 0.1% of the company’s stock are sold short.

Fidelity Momentum Factor ETF Stock Performance

Shares of FDMO traded up $0.71 during midday trading on Thursday, hitting $95.71. The company had a trading volume of 52,638 shares, compared to its average volume of 68,983. The company’s 50-day simple moving average is $94.52 and its 200-day simple moving average is $92.11. The firm has a market capitalization of $909.25 million, a P/E ratio of 28.38 and a beta of 1.05. Fidelity Momentum Factor ETF has a 1 year low of $76.63 and a 1 year high of $98.87.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in FDMO. Western Wealth Management LLC acquired a new stake in Fidelity Momentum Factor ETF during the 1st quarter worth $58,000. Integrated Wealth Concepts LLC grew its position in Fidelity Momentum Factor ETF by 10.6% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 9,026 shares of the company’s stock worth $890,000 after purchasing an additional 865 shares during the last quarter. Kestra Private Wealth Services LLC increased its stake in Fidelity Momentum Factor ETF by 1.3% in the first quarter. Kestra Private Wealth Services LLC now owns 70,980 shares of the company’s stock valued at $5,685,000 after purchasing an additional 895 shares during the period. Envestnet Portfolio Solutions Inc. increased its stake in Fidelity Momentum Factor ETF by 4.1% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 23,532 shares of the company’s stock valued at $2,320,000 after purchasing an additional 916 shares during the period. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in shares of Fidelity Momentum Factor ETF by 18.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 6,470 shares of the company’s stock valued at $543,000 after buying an additional 989 shares during the last quarter.

About Fidelity Momentum Factor ETF

The Fidelity Momentum Factor ETF (FDMO) is an exchange-traded fund that is based on the Fidelity U.S. Momentum Factor index. The fund tracks an index large-cap US stocks selected for positive momentum signals. FDMO was launched on Sep 12, 2016 and is managed by Fidelity.