ProShares UltraShort Materials (NYSEARCA:SMN) Short Interest Up 1,207.3% in May

ProShares UltraShort Materials (NYSEARCA:SMN) saw a large growth in short interest during the month of May. As of May 29th, there was short interest totaling 40,252 shares, a growth of 1,207.3% from the May 14th total of 3,079 shares. Currently, 26.8% of the shares of the company are sold short. Based on an average trading volume of 14,445 shares, the short-interest ratio is currently 2.8 days.

Hedge Funds Weigh In On ProShares UltraShort Materials

A hedge fund recently bought a new stake in ProShares UltraShort Materials stock. Susquehanna International Group LLP bought a new position in ProShares UltraShort Materials (NYSEARCA:SMN) in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 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 at the end of the most recent reporting period.

ProShares UltraShort Materials Stock Performance

SMN stock traded down $0.58 during midday trading on Tuesday, reaching $20.77. The stock had a trading volume of 9,467 shares, compared to its average volume of 8,976. The firm has a fifty day simple moving average of $20.37 and a two-hundred day simple moving average of $22.38. ProShares UltraShort Materials has a 52-week low of $18.46 and a 52-week high of $31.02.

About ProShares UltraShort Materials

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.