Fidelity MSCI Communication Services Index ETF (NYSEARCA:FCOM) Hits New 12-Month High – Should You Buy?

Fidelity MSCI Communication Services Index ETF (NYSEARCA:FCOM) shares reached a new 52-week high on Friday . The stock traded as high as $64.00 and last traded at $63.85, with a volume of 9740 shares. The stock had previously closed at $63.80.

Fidelity MSCI Communication Services Index ETF Trading Up 0.4 %

The company’s 50-day moving average price is $60.86 and its two-hundred day moving average price is $56.80. The company has a market cap of $1.38 billion, a P/E ratio of 26.44 and a beta of 1.22.

Institutional Investors Weigh In On Fidelity MSCI Communication Services Index ETF

Several hedge funds and other institutional investors have recently modified their holdings of FCOM. Q3 Asset Management bought a new stake in shares of Fidelity MSCI Communication Services Index ETF during the 4th quarter valued at about $11,358,000. Destiny Wealth Partners LLC bought a new stake in shares of Fidelity MSCI Communication Services Index ETF during the 4th quarter valued at about $10,501,000. Wells Fargo & Company MN grew its position in shares of Fidelity MSCI Communication Services Index ETF by 38.4% during the 4th quarter. Wells Fargo & Company MN now owns 290,147 shares of the company’s stock valued at $17,032,000 after buying an additional 80,530 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Fidelity MSCI Communication Services Index ETF during the 4th quarter valued at about $2,898,000. Finally, LPL Financial LLC boosted its stake in Fidelity MSCI Communication Services Index ETF by 24.1% during the 4th quarter. LPL Financial LLC now owns 128,004 shares of the company’s stock valued at $7,514,000 after purchasing an additional 24,852 shares during the period.

About Fidelity MSCI Communication Services Index ETF

The Fidelity MSCI Communication Services Index ETF (FCOM) is an exchange-traded fund that mostly invests in communication services equity. The fund tracks a market-cap-weighted index of stocks in the US communication services sector. FCOM was launched on Oct 21, 2013 and is managed by Fidelity.