Short Interest in ProShares Ultra Communication Services (NYSEARCA:LTL) Grows By 3,460.7%

ProShares Ultra Communication Services (NYSEARCA:LTL) saw a large growth in short interest during the month of August. As of August 31st, there was short interest totaling 5,982 shares, a growth of 3,460.7% from the August 15th total of 168 shares. Based on an average trading volume of 7,766 shares, the days-to-cover ratio is currently 0.8 days. Currently, 2.2% of the shares of the stock are short sold.

ProShares Ultra Communication Services Price Performance

Shares of LTL opened at $24.58 on Friday. The firm’s 50 day moving average is $24.12 and its 200-day moving average is $25.34. The stock has a market capitalization of $6.64 million, a P/E ratio of 19.19 and a beta of 1.68. ProShares Ultra Communication Services has a 12-month low of $21.88 and a 12-month high of $29.67.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of ProShares Ultra Communication Services during the 3rd quarter valued at $99,000. Citadel Advisors LLC bought a new stake in shares of ProShares Ultra Communication Services during the 3rd quarter worth $347,000. Susquehanna International Group LLP boosted its stake in shares of ProShares Ultra Communication Services by 11.7% during the 3rd quarter. Susquehanna International Group LLP now owns 5,777 shares of the exchange traded fund’s stock worth $675,000 after acquiring an additional 607 shares in the last quarter. Finally, WealthCare Asset Management LLC acquired a new position in shares of ProShares Ultra Communication Services in the 4th quarter worth $710,000.

About ProShares Ultra Communication Services

ProShares Ultra Telecommunications (the Fund) seeks daily investment results that correspond to twice the daily performance of the Dow Jones U.S. Select Telecommunications Index (the Index). The Dow Jones U.S. Technology Index measures providers of fixed-line and mobile telephone services. Fixed-line includes regional and long-distance carriers. Mobile includes cellular, satellite and paging services. 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.