ProShares Ultra Nasdaq Biotechnology (NASDAQ:BIB) Stock Cross Above 50 Day Moving Average – Here’s What Happened

ProShares Ultra Nasdaq Biotechnology (NASDAQ:BIB) shares passed above its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $65.36 and traded as high as $78.24. ProShares Ultra Nasdaq Biotechnology shares last traded at $77.91, with a volume of 21,385 shares.

ProShares Ultra Nasdaq Biotechnology Stock Performance

The business’s 50 day moving average price is $65.36 and its 200-day moving average price is $54.76. The firm has a market cap of $75.57 million, a price-to-earnings ratio of 20.68 and a beta of 1.38.

ProShares Ultra Nasdaq Biotechnology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Wednesday, September 24th were paid a dividend of $0.1805 per share. The ex-dividend date was Wednesday, September 24th. This is an increase from ProShares Ultra Nasdaq Biotechnology’s previous quarterly dividend of $0.17. This represents a $0.72 annualized dividend and a yield of 0.9%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Laurel Wealth Advisors LLC raised its stake in ProShares Ultra Nasdaq Biotechnology by 4,481.0% during the second quarter. Laurel Wealth Advisors LLC now owns 13,743 shares of the exchange traded fund’s stock worth $630,000 after acquiring an additional 13,443 shares during the period. Palumbo Wealth Management LLC acquired a new position in ProShares Ultra Nasdaq Biotechnology in the third quarter valued at approximately $766,000. Citadel Advisors LLC bought a new position in shares of ProShares Ultra Nasdaq Biotechnology during the third quarter valued at approximately $307,000. PNC Financial Services Group Inc. acquired a new stake in shares of ProShares Ultra Nasdaq Biotechnology during the 1st quarter worth approximately $48,000. Finally, Franklin Resources Inc. acquired a new stake in shares of ProShares Ultra Nasdaq Biotechnology during the 2nd quarter worth approximately $32,000.

ProShares Ultra Nasdaq Biotechnology Company Profile

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.