Envestnet Asset Management Inc. Invests $111.06 Million in Fidelity Enhanced Large Cap Growth ETF (NYSEARCA:FELG)

Envestnet Asset Management Inc. recently acquired a new stake in Fidelity Enhanced Large Cap Growth ETF (NYSEARCA:FELG) during the fourth quarter, according to a recent Form 13F filing with the SEC. The institutional investor purchased 4,233,938 shares of the company’s stock, valued at approximately $111,056,000.

In addition to Envestnet Asset Management Inc., several other institutional investors also made moves with FELG. FORVIS Wealth Advisors LLC, IFG Advisory LLC, Global Retirement Partners LLC, AdvisorNet Financial Inc, and Bensler LLC all bought new stakes in the ETF during the same period.

Fidelity Enhanced Large Cap Growth ETF saw its stock decrease by 0.1% as it opened at $31.00 on Friday. The company has a market cap of $2.52 billion, a P/E ratio of 30.12, and a beta of 1.14. The ETF’s 50-day moving average price is $29.54, while its two-hundred day moving average price is $28.11.

The Fidelity Enhanced Large Cap Growth ETF is an actively managed exchange-traded fund that primarily invests in large-cap equity, focusing on growth stocks within a broad US equity growth index. Launched in 2007 by Fidelity, the fund aims for capital growth.

DailyBubble sees the recent stake acquisitions by institutional investors as a positive sign for Fidelity Enhanced Large Cap Growth ETF, indicating confidence in the fund’s potential for growth. The slight decrease in the ETF’s stock price may present a buying opportunity for investors looking to capitalize on its long-term growth prospects.