Fidelity MSCI Information Technology Index ETF (NYSEARCA:FTEC) Shares Cross Below 200-Day Moving Average – Here’s Why

Fidelity MSCI Information Technology Index ETF (NYSEARCA:FTEC) passed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $261.71 and traded as low as $255.01. Fidelity MSCI Information Technology Index ETF shares last traded at $255.15, with a volume of 1,707,031 shares.

Fidelity MSCI Information Technology Index ETF Trading Down 7.5%

The company has a 50 day simple moving average of $291.41 and a two-hundred day simple moving average of $261.71. The firm has a market capitalization of $18.98 billion, a P/E ratio of 35.45 and a beta of 1.36.

Hedge Funds Weigh In On Fidelity MSCI Information Technology Index ETF

Several hedge funds have recently modified their holdings of the stock. Jacobi Capital Management LLC purchased a new position in Fidelity MSCI Information Technology Index ETF in the third quarter worth about $31,000. Silver Grove Financial Group Inc. increased its stake in Fidelity MSCI Information Technology Index ETF by 55.9% during the third quarter. Silver Grove Financial Group Inc. now owns 683 shares of the company’s stock worth $205,000 after acquiring an additional 245 shares during the last quarter. Northbridge Financial Group LLC increased its stake in Fidelity MSCI Information Technology Index ETF by 2.3% during the third quarter. Northbridge Financial Group LLC now owns 12,424 shares of the company’s stock worth $3,851,000 after acquiring an additional 278 shares during the last quarter. Moneco Advisors LLC raised its position in Fidelity MSCI Information Technology Index ETF by 3.4% during the third quarter. Moneco Advisors LLC now owns 1,362 shares of the company’s stock valued at $409,000 after purchasing an additional 45 shares during the period. Finally, Lido Advisors LLC purchased a new stake in Fidelity MSCI Information Technology Index ETF during the third quarter valued at approximately $643,786,000.

About Fidelity MSCI Information Technology Index ETF

The Fidelity MSCI Information Technology Index ETF (FTEC) is an exchange-traded fund that mostly invests in information technology equity. The fund tracks a market-cap-weighted index of stocks in the broad US information technology sector. FTEC was launched on Oct 21, 2013 and is managed by Fidelity.