ProShares Ultra Semiconductors (NYSEARCA:USD) Shares Gap Up – Still a Buy?

Shares of ProShares Ultra Semiconductors (NYSEARCA:USD) gapped up before the market opened on Thursday . The stock had previously closed at $54.74, but opened at $57.45. ProShares Ultra Semiconductors shares last traded at $57.8490, with a volume of 492,033 shares.

ProShares Ultra Semiconductors Stock Up 1.8%

The company has a market cap of $1.83 billion, a price-to-earnings ratio of 40.05 and a beta of 3.25. The business has a fifty day simple moving average of $53.18 and a 200 day simple moving average of $48.74.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Guerra Advisors Inc purchased a new stake in shares of ProShares Ultra Semiconductors during the 3rd quarter worth approximately $26,000. Franklin Resources Inc. acquired a new position in ProShares Ultra Semiconductors during the second quarter worth $61,000. Qube Research & Technologies Ltd purchased a new stake in ProShares Ultra Semiconductors during the third quarter worth $64,000. Bank of America Corp DE grew its holdings in ProShares Ultra Semiconductors by 100.0% in the fourth quarter. Bank of America Corp DE now owns 1,050 shares of the company’s stock valued at $68,000 after purchasing an additional 525 shares during the last quarter. Finally, Bogart Wealth LLC grew its holdings in ProShares Ultra Semiconductors by 450.0% in the second quarter. Bogart Wealth LLC now owns 1,100 shares of the company’s stock valued at $81,000 after purchasing an additional 900 shares during the last quarter.

About ProShares Ultra Semiconductors

ProShares Ultra Semiconductors (the Fund) seeks daily investment results that correspond to twice (200%) the daily performance of the Dow Jones U.S. Semiconductor Index (the Index). The Fund intends to invest at least 80% of its net assets, including any borrowings for investment purposes, under normal circumstances, to equity securities contained in the Index and/or financial instruments that, in combination, have similar economic characteristics. It also intends to invest assets not invested in financial instruments, in debt instruments and/or money market instruments.