Short Interest in ProShares Ultra Nasdaq Biotechnology (NASDAQ:BIB) Drops By 48.2%

ProShares Ultra Nasdaq Biotechnology (NASDAQ:BIB) was the target of a large decline in short interest in May. As of May 29th, there was short interest totaling 4,879 shares, a decline of 48.2% from the May 14th total of 9,417 shares. Based on an average trading volume of 5,501 shares, the short-interest ratio is currently 0.9 days. Approximately 0.5% of the shares of the stock are short sold.

Hedge Funds Weigh In On ProShares Ultra Nasdaq Biotechnology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Kaizen Financial Strategies boosted its position in ProShares Ultra Nasdaq Biotechnology by 4.7% in the first quarter. Kaizen Financial Strategies now owns 5,565 shares of the exchange traded fund’s stock valued at $483,000 after buying an additional 250 shares in the last quarter. Citadel Advisors LLC acquired a new position in ProShares Ultra Nasdaq Biotechnology in the third quarter valued at about $307,000. Palumbo Wealth Management LLC acquired a new position in ProShares Ultra Nasdaq Biotechnology in the third quarter valued at about $766,000. Finally, Franklin Resources Inc. acquired a new position in ProShares Ultra Nasdaq Biotechnology in the second quarter valued at about $32,000.

ProShares Ultra Nasdaq Biotechnology Price Performance

Shares of ProShares Ultra Nasdaq Biotechnology stock traded up $0.55 during trading on Friday, hitting $82.82. 5,456 shares of the company’s stock traded hands, compared to its average volume of 10,542. The firm’s fifty day moving average price is $82.76 and its 200 day moving average price is $82.45. ProShares Ultra Nasdaq Biotechnology has a twelve month low of $44.20 and a twelve month high of $90.90. The company has a market cap of $77.02 million, a PE ratio of 20.68 and a beta of 1.24.

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. The Fund does not seek to achieve its stated investment objective over a period of time greater than one day.