ProShares Ultra Technology (NYSEARCA:ROM) Shares Gap Down – Time to Sell?

ProShares Ultra Technology (NYSEARCA:ROM)’s share price gapped down prior to trading on Thursday. The stock had previously closed at $159.59, but opened at $143.96. ProShares Ultra Technology shares last traded at $143.41, with a volume of 10,105 shares trading hands.

ProShares Ultra Technology Stock Down 5.9%

The company has a 50 day moving average of $150.42 and a two-hundred day moving average of $137.34. The firm has a market cap of $1.21 billion, a P/E ratio of 38.02 and a beta of 2.72.

Hedge Funds Weigh In On ProShares Ultra Technology

Hedge funds have recently made changes to their positions in the business. Client First Investment Management LLC acquired a new stake in ProShares Ultra Technology during the third quarter valued at approximately $4,852,000. Bank of America Corp DE boosted its holdings in ProShares Ultra Technology by 9.8% during the first quarter. Bank of America Corp DE now owns 7,250 shares of the company’s stock worth $568,000 after buying an additional 650 shares in the last quarter. Clearwater Capital Advisors LLC acquired a new position in ProShares Ultra Technology in the first quarter worth approximately $316,000. Wealthcare Advisory Partners LLC acquired a new position in ProShares Ultra Technology in the second quarter worth approximately $244,000. Finally, Valeo Financial Advisors LLC purchased a new position in ProShares Ultra Technology in the 2nd quarter worth about $240,000.

ProShares Ultra Technology Company Profile

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.