Kennicott Capital Management LLC Makes New Investment in ProShares Ultra S&P500 $SSO

Kennicott Capital Management LLC acquired a new position in ProShares Ultra S&P500 (NYSEARCA:SSO) in the 3rd quarter, Holdings Channel reports. The institutional investor acquired 7,423 shares of the real estate investment trust’s stock, valued at approximately $515,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of SSO. Western Wealth Management LLC acquired a new stake in ProShares Ultra S&P500 in the first quarter worth approximately $37,000. Bogart Wealth LLC acquired a new position in shares of ProShares Ultra S&P500 during the 1st quarter valued at $55,000. Anchor Investment Management LLC increased its position in shares of ProShares Ultra S&P500 by 100.0% during the 4th quarter. Anchor Investment Management LLC now owns 2,000 shares of the real estate investment trust’s stock valued at $116,000 after purchasing an additional 1,000 shares during the period. Strategic Investment Solutions Inc. IL bought a new stake in shares of ProShares Ultra S&P500 in the 2nd quarter worth $126,000. Finally, Financial Life Planners bought a new stake in shares of ProShares Ultra S&P500 in the 1st quarter worth $144,000.

ProShares Ultra S&P500 Stock Performance

SSO opened at $70.82 on Friday. The company has a market capitalization of $9.04 billion, a PE ratio of 24.25 and a beta of 2.01. The stock’s fifty day moving average is $70.55 and its 200-day moving average is $66.77. ProShares Ultra S&P500 has a one year low of $48.63 and a one year high of $72.80.

More ProShares Ultra S&P500 News

Here are the key news stories impacting ProShares Ultra S&P500 this week:

• Positive Sentiment: Historical analysis offers some support for the broader market outlook: after 40 of the 54 previous periods in which the S&P 500 went at least 50 trading days without a 1% decline, the index was higher one year later. That suggests the recent pullback does not automatically signal a prolonged selloff. The S&P 500 Went More Than 50 Trading Days Without a 1% Drop. That Streak Just Ended.
• Positive Sentiment: Strategists see significant upside potential, including a Citi year-end target of 8,100 for the S&P 500, provided more than half of the market stabilizes and participates in the advance. Such a move would be amplified by SSO’s daily leverage. Citi Says the S&P 500 Hits 8,100
• Neutral Sentiment: Strong earnings expectations, driven mainly by artificial-intelligence-linked technology and energy companies, remain a potential catalyst. However, the narrow source of earnings growth increases the market’s dependence on a small group of sectors. S&P 500’s march to 8,000 hinges on third quarter
• Negative Sentiment: The S&P 500 ended a 53-session run without a daily decline of at least 1%, while hot CPI and PPI data pushed Treasury yields higher and pressured semiconductor and other growth stocks. Persistent inflation could reduce expectations for Federal Reserve easing. S&P500: Hot CPI Puts Long-Term Yields Back in Control
• Negative Sentiment: Market breadth is a concern: roughly 84% of S&P 500 constituents are in correction territory despite the index remaining near a record. This divergence raises the risk of greater volatility and is especially important for leveraged SSO investors. A Staggering 84% of S&P 500 Stocks Are Now in Correction Territory

About ProShares Ultra S&P500

ProShares Ultra S&P500 (the Fund), formerly Ultra S&P500 ProShares, seeks daily investment results that correspond to twice (200%) the daily performance of the S&P 500 Index. The S&P 500 Index is a measure of large-cap United States stock market performance. It is a float-adjusted market capitalization weighted index of 500 United States operating companies and real estate investment trusts (REITs) selected by the S&P U.S. Index Committee through a non-mechanical process that factors criteria, such as liquidity, price, market capitalization and financial viability.