ProShares Ultra Dow30 (NYSEARCA:DDM) Sees Large Decline in Short Interest

ProShares Ultra Dow30 (NYSEARCA:DDM) was the target of a large drop in short interest in July. As of July 31st, there was short interest totaling 32,316 shares, a drop of 66.4% from the July 15th total of 96,267 shares. Based on an average daily trading volume, of 212,817 shares, the short-interest ratio is currently 0.2 days. Currently, 0.4% of the shares of the stock are short sold.

Hedge Funds Weigh In On ProShares Ultra Dow30

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Bank of America Corp DE raised its holdings in ProShares Ultra Dow30 by 106.4% during the 2nd quarter. Bank of America Corp DE now owns 3,096 shares of the company’s stock valued at $304,000 after buying an additional 1,596 shares during the period. Modern Wealth Management LLC purchased a new stake in shares of ProShares Ultra Dow30 in the second quarter valued at $410,000. Tower Research Capital LLC TRC lifted its holdings in shares of ProShares Ultra Dow30 by 32,044.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 33,752 shares of the company’s stock worth $3,309,000 after acquiring an additional 33,647 shares during the last quarter. GenWealth Group Inc. lifted its holdings in shares of ProShares Ultra Dow30 by 1.9% in the 3rd quarter. GenWealth Group Inc. now owns 77,724 shares of the company’s stock worth $8,338,000 after acquiring an additional 1,460 shares during the last quarter. Finally, Qube Research & Technologies Ltd purchased a new position in shares of ProShares Ultra Dow30 during the 3rd quarter worth about $44,000.

ProShares Ultra Dow30 Price Performance

Shares of NYSEARCA DDM traded down $0.33 during mid-day trading on Friday, hitting $68.54. 85,709 shares of the company’s stock traded hands, compared to its average volume of 292,550. ProShares Ultra Dow30 has a 1 year low of $49.26 and a 1 year high of $71.25. The company’s 50-day moving average is $65.49 and its two-hundred day moving average is $60.47. The company has a market capitalization of $538.04 million, a P/E ratio of 20.98 and a beta of 1.73.

About ProShares Ultra Dow30

The ProShares Ultra Dow30 (DDM) is an exchange-traded fund that is based on the Dow Jones Industrial Average index. The fund provides 2x leveraged exposure to the price-weighted Dow Jones Industrial Average, which includes 30 of the largest and most stable US companies. DDM was launched on Jun 19, 2006 and is managed by ProShares.