Fidelity Metaverse ETF (NASDAQ:FMET) Shares Down 0.5% – Here’s Why

Fidelity Metaverse ETF (NASDAQ:FMET)’s stock price dropped 0.5% during mid-day trading on Tuesday . The stock traded as low as $36.96 and last traded at $37.03. Approximately 12,546 shares traded hands during mid-day trading, an increase of 72% from the average daily volume of 7,310 shares. The stock had previously closed at $37.20.

Fidelity Metaverse ETF Trading Down 0.5%

The firm has a market capitalization of $48.14 million, a P/E ratio of 23.47 and a beta of 1.13. The stock has a 50-day simple moving average of $37.61 and a two-hundred day simple moving average of $34.61.

Fidelity Metaverse ETF Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 23rd. Shareholders of record on Friday, September 19th were issued a $0.027 dividend. The ex-dividend date was Friday, September 19th. This represents a $0.11 dividend on an annualized basis and a yield of 0.3%.

Hedge Funds Weigh In On Fidelity Metaverse ETF

An institutional investor recently raised its position in Fidelity Metaverse ETF stock. Envestnet Asset Management Inc. lifted its holdings in Fidelity Metaverse ETF (NASDAQ:FMET) by 11.5% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,426 shares of the company’s stock after purchasing an additional 765 shares during the quarter. Envestnet Asset Management Inc. owned about 0.57% of Fidelity Metaverse ETF worth $281,000 as of its most recent SEC filing.

About Fidelity Metaverse ETF

The Fidelity Metaverse ETF (FMET) is an exchange-traded fund that is based on the Fidelity Metaverse index. The fund tracks a market cap-weighted index of equities that provides global exposure to the future state of the internet: the metaverse. FMET was launched on Apr 19, 2022 and is managed by Fidelity.