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

Fidelity Momentum Factor ETF (NYSEARCA:FDMO) was the recipient of a significant decline in short interest during the month of March. As of March 31st, there was short interest totaling 39,060 shares, a decline of 41.8% from the March 15th total of 67,127 shares. Based on an average daily volume of 134,650 shares, the days-to-cover ratio is currently 0.3 days. Currently, 0.4% of the company’s stock are short sold.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of FDMO. Envestnet Asset Management Inc. raised its stake in shares of Fidelity Momentum Factor ETF by 5.8% in the third quarter. Envestnet Asset Management Inc. now owns 1,258,647 shares of the company’s stock worth $104,682,000 after purchasing an additional 68,770 shares during the last quarter. LPL Financial LLC raised its stake in shares of Fidelity Momentum Factor ETF by 87.3% in the fourth quarter. LPL Financial LLC now owns 106,798 shares of the company’s stock worth $8,967,000 after purchasing an additional 49,790 shares during the last quarter. NewEdge Advisors LLC increased its position in Fidelity Momentum Factor ETF by 373.9% during the second quarter. NewEdge Advisors LLC now owns 58,485 shares of the company’s stock valued at $4,437,000 after acquiring an additional 46,144 shares during the last quarter. Jane Street Group LLC purchased a new stake in Fidelity Momentum Factor ETF during the first quarter valued at $2,329,000. Finally, Goldman Sachs Group Inc. increased its position in Fidelity Momentum Factor ETF by 827.9% during the first quarter. Goldman Sachs Group Inc. now owns 34,935 shares of the company’s stock valued at $2,273,000 after acquiring an additional 31,170 shares during the last quarter.

Fidelity Momentum Factor ETF Stock Performance

Shares of FDMO stock traded up $0.14 during mid-day trading on Monday, hitting $84.94. The company’s stock had a trading volume of 154,413 shares, compared to its average volume of 75,015. Fidelity Momentum Factor ETF has a 52-week low of $59.54 and a 52-week high of $88.11. The business has a 50-day moving average price of $82.84 and a 200 day moving average price of $83.72. The stock has a market cap of $772.95 million, a price-to-earnings ratio of 28.38 and a beta of 1.05.

Fidelity Momentum Factor ETF Company Profile

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.