ProShares Ultra Financials (NYSEARCA:UYG) Sees Strong Trading Volume – Should You Buy?

Shares of ProShares Ultra Financials (NYSEARCA:UYG) saw unusually-strong trading volume on Friday. 52,568 shares traded hands during mid-day trading, an increase of 219% from the previous session’s volume of 16,496 shares. The stock last traded at $88.0810 and had previously closed at $86.32.

ProShares Ultra Financials Price Performance

The company has a 50-day moving average of $94.23 and a 200 day moving average of $86.96. The company has a market cap of $737.98 million, a PE ratio of 17.45 and a beta of 1.78.

Hedge Funds Weigh In On ProShares Ultra Financials

Large investors have recently modified their holdings of the stock. Toth Financial Advisory Corp purchased a new stake in shares of ProShares Ultra Financials in the third quarter valued at $2,363,000. Envestnet Asset Management Inc. raised its position in ProShares Ultra Financials by 17.8% in the 2nd quarter. Envestnet Asset Management Inc. now owns 4,117 shares of the company’s stock worth $352,000 after purchasing an additional 623 shares during the period. MCF Advisors LLC lifted its stake in ProShares Ultra Financials by 88.7% in the second quarter. MCF Advisors LLC now owns 566 shares of the company’s stock worth $48,000 after purchasing an additional 266 shares during the last quarter. Corient Private Wealth LP purchased a new position in shares of ProShares Ultra Financials during the second quarter valued at approximately $2,011,000. Finally, Ameritas Advisory Services LLC purchased a new position in shares of ProShares Ultra Financials during the second quarter valued at approximately $158,000.

ProShares Ultra Financials Company Profile

ProShares Ultra Financials (the Fund) seeks daily investment results that correspond to twice the daily performance of the Dow Jones U.S. Financials Index. The Dow Jones U.S. Financials Index measures the performance of the financial services industry of the United States equity market. Component companies include regional banks; United States domiciled international banks; full line, life, and property and casualty insurance companies; companies that invest, directly or indirectly in real estate; diversified financial companies, such as credit card issuers, check cashing companies, mortgage lenders and investment advisers; securities brokers and dealers including investment banks, merchant banks and online brokers; and publicly traded stock exchanges.