ProShares Ultra Technology (NYSEARCA:ROM) Shares Gap Up – Still a Buy?

ProShares Ultra Technology (NYSEARCA:ROM)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $139.87, but opened at $147.73. ProShares Ultra Technology shares last traded at $147.50, with a volume of 3,278 shares trading hands.

ProShares Ultra Technology Trading Down 0.8%

The company has a market capitalization of $1.28 billion, a price-to-earnings ratio of 38.02 and a beta of 2.73. The company’s 50 day simple moving average is $141.40 and its 200-day simple moving average is $120.90.

Hedge Funds Weigh In On ProShares Ultra Technology

Institutional investors and hedge funds have recently modified their holdings of the company. Cerity Partners LLC acquired a new position in ProShares Ultra Technology in the second quarter valued at $487,000. Quantinno Capital Management LP purchased a new stake in ProShares Ultra Technology in the 2nd quarter valued at about $1,032,000. Great Valley Advisor Group Inc. purchased a new stake in ProShares Ultra Technology in the 2nd quarter valued at about $262,000. Osaic Holdings Inc. increased its stake in shares of ProShares Ultra Technology by 1,259.3% during the 2nd quarter. Osaic Holdings Inc. now owns 10,331 shares of the company’s stock valued at $786,000 after acquiring an additional 9,571 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its stake in shares of ProShares Ultra Technology by 24.3% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 5,695 shares of the company’s stock valued at $528,000 after acquiring an additional 1,115 shares during the last quarter.

About ProShares Ultra Technology

ProShares Ultra Technology (the Fund) seeks daily investment results that correspond to twice the daily performance of the Dow Jones U.S. Technology Index (the Index). The Index measures the performance of the technology industry of the United States equity market. Component companies include those involved in computers and office equipment, software, communications technology, semiconductors, diversified technology services and Internet services. The Fund takes positions in securities and/or financial instruments that, in combination, should have similar daily return characteristics as 200% of the daily return of the Index.