ProShares Ultra Materials (NYSEARCA:UYM – Get Free Report) was the target of a large growth in short interest in August. As of August 14th, there was short interest totaling 29,221 shares, a growth of 534.3% from the July 30th total of 4,607 shares. Based on an average daily volume of 25,381 shares, the days-to-cover ratio is currently 1.2 days. Currently, 2.3% of the company’s shares are sold short.
Hedge Funds Weigh In On ProShares Ultra Materials
A number of institutional investors have recently bought and sold shares of the stock. Bank of America Corp DE purchased a new stake in ProShares Ultra Materials in the second quarter worth about $57,000. EverSource Wealth Advisors LLC raised its position in shares of ProShares Ultra Materials by 32.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,850 shares of the company’s stock worth $44,000 after acquiring an additional 450 shares in the last quarter. Finally, Godfrey Financial Associates Inc. bought a new position in shares of ProShares Ultra Materials in the 4th quarter worth approximately $44,000.
ProShares Ultra Materials Stock Performance
NYSEARCA:UYM opened at $32.58 on Wednesday. The company has a 50-day moving average price of $30.47 and a 200-day moving average price of $30.50. ProShares Ultra Materials has a 12 month low of $21.34 and a 12 month high of $34.54. The stock has a market cap of $41.70 million, a price-to-earnings ratio of 22.90 and a beta of 1.87.
About ProShares Ultra Materials
ProShares Ultra Basic Materials ETF (the Fund) seeks daily investment results that correspond to twice (200%) the daily performance of the Dow Jones U.S. Basic Materials Index (the Index). The Index measures the performance of the basic materials industry of the United States equity market. Component companies are involved in the production of aluminum, steel, non-ferrous metals, commodity chemicals, specialty chemicals, forest products, paper products, as well as the mining of precious metals and coal.
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