Fidelity Quality Factor ETF (NYSEARCA:FQAL) Sees Unusually-High Trading Volume – Still a Buy?

Shares of Fidelity Quality Factor ETF (NYSEARCA:FQAL) saw unusually-strong trading volume on Monday. 348,809 shares traded hands during mid-day trading, an increase of 479% from the average daily volume of 60,256 shares. The stock last traded at $83.5290 and had previously closed at $83.43.

Fidelity Quality Factor ETF Stock Up 1.6%

The company has a market capitalization of $1.57 billion, a P/E ratio of 25.46 and a beta of 0.94. The stock has a fifty day simple moving average of $84.18 and a 200-day simple moving average of $80.13.

Institutional Investors Weigh In On Fidelity Quality Factor ETF

Hedge funds have recently made changes to their positions in the company. Envestnet Asset Management Inc. grew its stake in Fidelity Quality Factor ETF by 3.8% during the second quarter. Envestnet Asset Management Inc. now owns 1,373,752 shares of the company’s stock worth $111,770,000 after buying an additional 50,502 shares during the last quarter. Kestra Advisory Services LLC increased its holdings in shares of Fidelity Quality Factor ETF by 33.6% during the first quarter. Kestra Advisory Services LLC now owns 899,808 shares of the company’s stock worth $65,326,000 after buying an additional 226,425 shares in the last quarter. Great Lakes Retirement Inc. raised its stake in shares of Fidelity Quality Factor ETF by 0.4% in the third quarter. Great Lakes Retirement Inc. now owns 244,939 shares of the company’s stock valued at $20,391,000 after acquiring an additional 880 shares during the last quarter. Smith Chas P & Associates PA Cpas raised its stake in shares of Fidelity Quality Factor ETF by 1.3% in the third quarter. Smith Chas P & Associates PA Cpas now owns 179,629 shares of the company’s stock valued at $15,161,000 after acquiring an additional 2,247 shares during the last quarter. Finally, Cetera Investment Advisers grew its position in Fidelity Quality Factor ETF by 2.8% during the 1st quarter. Cetera Investment Advisers now owns 171,126 shares of the company’s stock worth $12,424,000 after acquiring an additional 4,644 shares during the last quarter.

About Fidelity Quality Factor ETF

The Fidelity Quality Factor ETF (FQAL) is an exchange-traded fund that is based on the Fidelity U.S. Quality Factor index. The fund tracks an index of fundamentally- selected large and mid- cap US companies that are weighted according to a tiered scheme. FQAL was launched on Sep 12, 2016 and is managed by Fidelity.