(FELG) Fidelity Covington Trust - Ratings and Ratios

Fidelity Covington Trust (FELG) is a large-cap growth ETF that focuses on investing at least 80% of its assets in common stocks included in the Russell 1000 Growth Index, providing exposure to the growth segment of the US equity market.

The funds investment strategy is driven by a research-intensive approach, identifying key drivers of long-term stock returns, including valuation, growth, quality, and other relevant factors. As a non-diversified fund, FELG may concentrate its investments in a smaller number of securities, potentially increasing its volatility.

With an AUM of $3.4 billion, FELG is a sizable player in the large-cap growth ETF space. Its investment objective is to track the performance of the Russell 1000 Growth Index, which is a widely recognized benchmark for the US large-cap growth market.

Analyzing the technical data, we can see that FELGs price is currently above its 20-day, 50-day, and 200-day moving averages, indicating a positive trend. The Average True Range (ATR) of 0.52 represents a 1.46% daily price range, suggesting moderate volatility. Given the current price of $35.88 and the 52-week high of $36.74, we can forecast that FELG may continue to trend upwards, potentially reaching new highs. Using the SMA20 and SMA50 as support levels, we can estimate a potential price target of $37.50, representing a 4.5% increase from the current price.

Combining the technical and fundamental analysis, our forecast suggests that FELG may continue to outperform in the near term, driven by its focus on large-cap growth stocks and its research-driven investment approach. However, investors should be aware of the potential risks associated with a non-diversified fund and the overall market conditions.