ProShares UltraShort Materials (NYSEARCA:SMN) Short Interest Down 75.1% in August

ProShares UltraShort Materials (NYSEARCA:SMN) was the target of a large drop in short interest during the month of August. As of August 14th, there was short interest totaling 1,661 shares, a drop of 75.1% from the July 30th total of 6,665 shares. Based on an average trading volume of 2,236 shares, the days-to-cover ratio is currently 0.7 days. Approximately 0.8% of the company’s shares are short sold.

ProShares UltraShort Materials Stock Up 0.4%

Shares of NYSEARCA SMN traded up $0.08 during midday trading on Friday, reaching $18.53. 218 shares of the stock were exchanged, compared to its average volume of 6,973. The company has a 50 day simple moving average of $19.60 and a 200 day simple moving average of $20.16. ProShares UltraShort Materials has a twelve month low of $17.93 and a twelve month high of $31.02.

Institutional Investors Weigh In On ProShares UltraShort Materials

A hedge fund recently bought a new stake in ProShares UltraShort Materials stock. Susquehanna International Group LLP acquired a new stake in ProShares UltraShort Materials (NYSEARCA:SMN) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 11,010 shares of the company’s stock, valued at approximately $150,000. Susquehanna International Group LLP owned about 18.35% of ProShares UltraShort Materials as of its most recent filing with the Securities and Exchange Commission.

ProShares UltraShort Materials Company Profile

ProShares UltraShort Basic Materials (the Fund) seeks daily investment results that correspond to twice the inverse 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.