NYLIM MacKay Shields Municipal Intermediate ETF (NYSEARCA:MMIT) Sees Unusually-High Trading Volume – Still a Buy?

NYLIM MacKay Shields Municipal Intermediate ETF (NYSEARCA:MMIT) shares saw unusually-strong trading volume on Tuesday. Approximately 957,373 shares changed hands during mid-day trading, an increase of 98% from the average daily volume of 484,420 shares. The stock last traded at $23.66 and had previously closed at $23.62.

NYLIM MacKay Shields Municipal Intermediate ETF Trading Up 0.2%

The company has a 50-day moving average price of $23.43 and a 200-day moving average price of $24.11.

Institutional Trading of NYLIM MacKay Shields Municipal Intermediate ETF

Several institutional investors and hedge funds have recently made changes to their positions in MMIT. Park Avenue Securities LLC boosted its holdings in shares of NYLIM MacKay Shields Municipal Intermediate ETF by 7.2% in the third quarter. Park Avenue Securities LLC now owns 57,678 shares of the company’s stock valued at $1,320,000 after acquiring an additional 3,855 shares during the period. Bernardo Wealth Planning LLC increased its position in NYLIM MacKay Shields Municipal Intermediate ETF by 83.8% in the 3rd quarter. Bernardo Wealth Planning LLC now owns 284,722 shares of the company’s stock valued at $6,514,000 after acquiring an additional 129,833 shares during the period. MBM Wealth Consultants LLC purchased a new stake in NYLIM MacKay Shields Municipal Intermediate ETF during the 3rd quarter valued at approximately $227,000. Prime Capital Investment Advisors LLC raised its stake in NYLIM MacKay Shields Municipal Intermediate ETF by 48.2% during the 3rd quarter. Prime Capital Investment Advisors LLC now owns 21,809 shares of the company’s stock valued at $499,000 after acquiring an additional 7,094 shares during the last quarter. Finally, Invenio Wealth Partners LLC raised its stake in NYLIM MacKay Shields Municipal Intermediate ETF by 3.7% during the 3rd quarter. Invenio Wealth Partners LLC now owns 478,468 shares of the company’s stock valued at $10,947,000 after acquiring an additional 17,153 shares during the last quarter.

About NYLIM 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.