ProShares Ultra Financials (NYSEARCA:UYG) Sees Significant Decline in Short Interest
by Doug Wharley · The Cerbat GemProShares Ultra Financials (NYSEARCA:UYG – Get Free Report) saw a significant drop in short interest in the month of July. As of July 31st, there was short interest totaling 31,964 shares, a drop of 36.5% from the July 15th total of 50,315 shares. Currently, 0.4% of the shares of the stock are sold short. Based on an average trading volume of 20,897 shares, the days-to-cover ratio is currently 1.5 days.
Hedge Funds Weigh In On ProShares Ultra Financials
A number of institutional investors and hedge funds have recently added to or reduced their stakes in UYG. Western Wealth Management LLC bought a new stake in ProShares Ultra Financials during the first quarter worth about $31,000. Main Street Group LTD acquired a new position in shares of ProShares Ultra Financials in the 1st quarter worth approximately $44,000. Northwestern Mutual Wealth Management Co. acquired a new position in shares of ProShares Ultra Financials in the 3rd quarter worth approximately $82,000. Arax Advisory Partners bought a new stake in ProShares Ultra Financials during the 4th quarter worth approximately $192,000. Finally, B. Riley Wealth Advisors Inc. bought a new stake in ProShares Ultra Financials during the 2nd quarter worth approximately $215,000.
ProShares Ultra Financials Stock Performance
Shares of NYSEARCA:UYG traded up $1.04 on Tuesday, hitting $98.59. The stock had a trading volume of 8,872 shares, compared to its average volume of 16,976. ProShares Ultra Financials has a twelve month low of $68.43 and a twelve month high of $104.32. The firm’s 50 day moving average price is $92.19 and its 200-day moving average price is $83.68. The company has a market capitalization of $853.79 million, a price-to-earnings ratio of 17.45 and a beta of 1.75.
About ProShares Ultra Financials
ProShares Ultra Financials (the Fund) seeks daily investment results that correspond to twice the daily performance of the Dow Jones U.S. Financials Index. The Dow Jones U.S. Financials Index measures the performance of the financial services industry of the United States equity market. Component companies include regional banks; United States domiciled international banks; full line, life, and property and casualty insurance companies; companies that invest, directly or indirectly in real estate; diversified financial companies, such as credit card issuers, check cashing companies, mortgage lenders and investment advisers; securities brokers and dealers including investment banks, merchant banks and online brokers; and publicly traded stock exchanges.