ProShares Ultra Semiconductors (NYSEARCA:USD) Shares Gap Up – Here’s Why

Shares of ProShares Ultra Semiconductors (NYSEARCA:USD) gapped up prior to trading on Wednesday. The stock had previously closed at $54.66, but opened at $59.25. ProShares Ultra Semiconductors shares last traded at $59.5070, with a volume of 339,820 shares traded.

ProShares Ultra Semiconductors Stock Up 13.3%

The firm has a market cap of $1.97 billion, a PE ratio of 40.05 and a beta of 3.79. The company has a 50-day simple moving average of $83.63 and a two-hundred day simple moving average of $78.61.

Hedge Funds Weigh In On ProShares Ultra Semiconductors

A number of hedge funds and other institutional investors have recently made changes to their positions in USD. Integrated Wealth Concepts LLC increased its holdings in ProShares Ultra Semiconductors by 10.7% during the second quarter. Integrated Wealth Concepts LLC now owns 663,610 shares of the company’s stock worth $69,188,000 after buying an additional 64,000 shares during the last quarter. Quantinno Capital Management LP boosted its stake in ProShares Ultra Semiconductors by 414.2% in the first quarter. Quantinno Capital Management LP now owns 21,615 shares of the company’s stock valued at $1,036,000 after acquiring an additional 17,411 shares during the last quarter. Client First Investment Management LLC purchased a new position in ProShares Ultra Semiconductors in the second quarter valued at about $1,121,000. SBI Securities Co. Ltd. boosted its stake in ProShares Ultra Semiconductors by 179.9% in the third quarter. SBI Securities Co. Ltd. now owns 15,385 shares of the company’s stock valued at $1,481,000 after acquiring an additional 9,889 shares during the last quarter. Finally, Dale Q Rice Investment Management Ltd grew its position in shares of ProShares Ultra Semiconductors by 2.0% during the 1st quarter. Dale Q Rice Investment Management Ltd now owns 447,279 shares of the company’s stock valued at $21,447,000 after acquiring an additional 8,716 shares during the period.

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.