NYLI MacKay Shields Municipal Intermediate ETF (NYSEARCA:MMIT) Sees Strong Trading Volume – Still a Buy?

NYLI MacKay Shields Municipal Intermediate ETF (NYSEARCA:MMIT) shares saw unusually-high trading volume on Tuesday . Approximately 6,866,754 shares were traded during mid-day trading, an increase of 2,108% from the previous session’s volume of 310,960 shares.The stock last traded at $24.20 and had previously closed at $24.14.

NYLI MacKay Shields Municipal Intermediate ETF Stock Up 0.3%

The firm’s fifty day moving average is $24.26 and its 200-day moving average is $24.39.

Hedge Funds Weigh In On NYLI MacKay Shields Municipal Intermediate ETF

Several hedge funds and other institutional investors have recently bought and sold shares of MMIT. Mariner LLC lifted its holdings in NYLI MacKay Shields Municipal Intermediate ETF by 1,689.0% in the third quarter. Mariner LLC now owns 1,181,175 shares of the company’s stock valued at $28,703,000 after buying an additional 1,115,151 shares during the period. Meeder Advisory Services Inc. lifted its holdings in NYLI MacKay Shields Municipal Intermediate ETF by 30.3% in the first quarter. Meeder Advisory Services Inc. now owns 2,944,732 shares of the company’s stock valued at $70,983,000 after buying an additional 683,938 shares during the period. Midwest Trust Co lifted its holdings in NYLI MacKay Shields Municipal Intermediate ETF by 96.5% in the fourth quarter. Midwest Trust Co now owns 1,277,827 shares of the company’s stock valued at $31,090,000 after buying an additional 627,505 shares during the period. Bank of America Corp DE lifted its holdings in NYLI MacKay Shields Municipal Intermediate ETF by 8.2% in the first quarter. Bank of America Corp DE now owns 6,215,015 shares of the company’s stock valued at $149,813,000 after buying an additional 471,765 shares during the period. Finally, Schneider Downs Wealth Management Advisors LP lifted its holdings in NYLI MacKay Shields Municipal Intermediate ETF by 22.0% in the third quarter. Schneider Downs Wealth Management Advisors LP now owns 2,242,166 shares of the company’s stock valued at $54,485,000 after buying an additional 403,900 shares during the period.

About NYLI MacKay Shields Municipal Intermediate ETF

The IQ MacKay Municipal Intermediate ETF (MMIT) is an exchange-traded fund that mostly invests in investment grade fixed income. The fund is actively managed to provide enhanced total-return potential by investing mainly in investment-grade, AMT-free US municipal bonds with duration between 3-10 years. MMIT was launched on Oct 18, 2017 and is managed by IndexIQ.