ProShares Ultra Financials (NYSEARCA:UYG) Shares Gap Up – What’s Next?

ProShares Ultra Financials (NYSEARCA:UYG)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $76.83, but opened at $81.50. ProShares Ultra Financials shares last traded at $81.60, with a volume of 5,235 shares changing hands.

ProShares Ultra Financials Price Performance

The firm has a 50 day simple moving average of $78.33 and a two-hundred day simple moving average of $84.49. The stock has a market cap of $714.53 million, a price-to-earnings ratio of 17.45 and a beta of 1.77.

Hedge Funds Weigh In On ProShares Ultra Financials

Several hedge funds have recently added to or reduced their stakes in the stock. Western Wealth Management LLC acquired a new position in ProShares Ultra Financials in the first quarter valued at about $31,000. Quantinno Capital Management LP lifted its stake in ProShares Ultra Financials by 307.1% in the first quarter. Quantinno Capital Management LP now owns 12,721 shares of the company’s stock valued at $934,000 after buying an additional 9,596 shares during the period. Cassaday & Co Wealth Management LLC lifted its stake in ProShares Ultra Financials by 14.4% in the first quarter. Cassaday & Co Wealth Management LLC now owns 39,801 shares of the company’s stock valued at $2,922,000 after buying an additional 5,000 shares during the period. Main Street Group LTD acquired a new position in ProShares Ultra Financials in the first quarter valued at about $44,000. Finally, Independent Financial Group LLC acquired a new position in ProShares Ultra Financials in the first quarter valued at about $397,000.

ProShares Ultra Financials Company Profile

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.