ProShares Ultra Materials (NYSEARCA:UYM) Sees Significant Drop in Short Interest

ProShares Ultra Materials (NYSEARCA:UYM) was the target of a large decline in short interest in May. As of May 29th, there was short interest totaling 3,086 shares, a decline of 56.0% from the May 14th total of 7,013 shares. Currently, 0.2% of the company’s stock are short sold. Based on an average trading volume of 9,593 shares, the days-to-cover ratio is currently 0.3 days.

ProShares Ultra Materials Trading Up 3.7%

ProShares Ultra Materials stock traded up $1.13 during trading hours on Friday, hitting $31.31. 19,794 shares of the stock traded hands, compared to its average volume of 19,082. The firm’s 50-day moving average price is $30.45 and its two-hundred day moving average price is $28.81. The company has a market cap of $42.27 million, a PE ratio of 22.90 and a beta of 1.86. ProShares Ultra Materials has a one year low of $21.34 and a one year high of $34.54.

Institutional Trading of ProShares Ultra Materials

Several large investors have recently bought and sold shares of UYM. Bank of America Corp DE bought a new stake in ProShares Ultra Materials during the 2nd quarter valued at approximately $57,000. Godfrey Financial Associates Inc. bought a new stake in ProShares Ultra Materials during the 4th quarter valued at approximately $44,000. Finally, EverSource Wealth Advisors LLC boosted its position in ProShares Ultra Materials by 32.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,850 shares of the company’s stock valued at $44,000 after acquiring an additional 450 shares in the last quarter.

About ProShares Ultra Materials

ProShares Ultra Basic Materials ETF (the Fund) seeks daily investment results that correspond to twice (200%) the 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.