ProShares Ultra S&P500 (NYSEARCA:SSO) Sees Strong Trading Volume – Time to Buy?

ProShares Ultra S&P500 (NYSEARCA:SSO) saw strong trading volume on Tuesday. Approximately 20,536,859 shares were traded during mid-day trading, an increase of 414% from the average daily volume of 3,992,632 shares. The stock last traded at $67.3520 and had previously closed at $67.02.

ProShares Ultra S&P500 Stock Performance

The firm’s 50 day moving average is $70.14 and its 200-day moving average is $64.50. The stock has a market capitalization of $8.41 billion, a price-to-earnings ratio of 24.25 and a beta of 2.01.

Institutional Investors Weigh In On ProShares Ultra S&P500

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Howard Capital Management LLC raised its holdings in shares of ProShares Ultra S&P500 by 5.0% during the 3rd quarter. Howard Capital Management LLC now owns 12,781,294 shares of the real estate investment trust’s stock worth $886,127,000 after acquiring an additional 610,680 shares during the period. TTP Investments Inc. grew its holdings in shares of ProShares Ultra S&P500 by 15.8% in the third quarter. TTP Investments Inc. now owns 1,104,915 shares of the real estate investment trust’s stock valued at $76,604,000 after purchasing an additional 151,108 shares during the period. Turner Capital Investments LLC purchased a new stake in shares of ProShares Ultra S&P500 in the third quarter valued at about $39,489,000. Client First Investment Management LLC increased its position in ProShares Ultra S&P500 by 361.3% during the second quarter. Client First Investment Management LLC now owns 544,551 shares of the real estate investment trust’s stock worth $36,692,000 after purchasing an additional 426,494 shares during the last quarter. Finally, Ridgepath Capital Management LLC increased its position in ProShares Ultra S&P500 by 5.6% during the third quarter. Ridgepath Capital Management LLC now owns 389,771 shares of the real estate investment trust’s stock worth $27,023,000 after purchasing an additional 20,664 shares during the last quarter.

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.