ProShares Ultra Nasdaq Biotechnology (NASDAQ:BIB) Share Price Pass Below Fifty Day Moving Average – Time to Sell?

Shares of ProShares Ultra Nasdaq Biotechnology (NASDAQ:BIB) passed below its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $54.01 and traded as low as $53.07. ProShares Ultra Nasdaq Biotechnology shares last traded at $54.71, with a volume of 3,854 shares.

ProShares Ultra Nasdaq Biotechnology Price Performance

The firm’s 50 day simple moving average is $54.02 and its two-hundred day simple moving average is $57.96. The firm has a market capitalization of $60.07 million, a P/E ratio of 26.77 and a beta of 1.44.

ProShares Ultra Nasdaq Biotechnology Increases Dividend

The business also recently disclosed a dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 23rd were issued a $0.3964 dividend. The ex-dividend date of this dividend was Monday, December 23rd. This is an increase from ProShares Ultra Nasdaq Biotechnology’s previous dividend of $0.15.

Hedge Funds Weigh In On ProShares Ultra Nasdaq Biotechnology

Institutional investors and hedge funds have recently bought and sold shares of the stock. Tower Research Capital LLC TRC lifted its position in ProShares Ultra Nasdaq Biotechnology by 31.2% in the fourth quarter. Tower Research Capital LLC TRC now owns 5,326 shares of the exchange traded fund’s stock valued at $270,000 after purchasing an additional 1,266 shares during the last quarter. Crowley Wealth Management Inc. purchased a new position in shares of ProShares Ultra Nasdaq Biotechnology in the fourth quarter worth $51,000. Finally, Jane Street Group LLC raised its holdings in ProShares Ultra Nasdaq Biotechnology by 8.4% during the 3rd quarter. Jane Street Group LLC now owns 4,803 shares of the exchange traded fund’s stock valued at $306,000 after buying an additional 374 shares during the last quarter.

About ProShares Ultra Nasdaq Biotechnology

ProShares Ultra Nasdaq Biotechnology (the Fund) seeks daily investment results, before fees and expenses, that correspond to twice (200%) the daily performance of the Index. The return of the Fund for a period longer than a single trading day will be the result of each day’s returns compounded over the period, which will very likely differ from the inverse of the return of the Dow Jones United States Basic Materials Index (the Index) for that period.