ProShares Ultra Nasdaq Biotechnology (NASDAQ:BIB) Stock Price Pass Above Fifty Day Moving Average – Here’s Why

ProShares Ultra Nasdaq Biotechnology (NASDAQ:BIB) shares crossed above its fifty day moving average during trading on Friday . The stock has a fifty day moving average of $81.02 and traded as high as $88.01. ProShares Ultra Nasdaq Biotechnology shares last traded at $85.73, with a volume of 9,892 shares.

ProShares Ultra Nasdaq Biotechnology Stock Performance

The business has a 50-day simple moving average of $81.02 and a 200-day simple moving average of $66.86. The company has a market cap of $90.87 million, a price-to-earnings ratio of 20.68 and a beta of 1.38.

ProShares Ultra Nasdaq Biotechnology Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Wednesday, December 24th were issued a $0.1346 dividend. The ex-dividend date of this dividend was Wednesday, December 24th. This represents a $0.54 annualized dividend and a yield of 0.6%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in BIB. Laurel Wealth Advisors LLC lifted its position in shares of ProShares Ultra Nasdaq Biotechnology by 4,481.0% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 13,743 shares of the exchange traded fund’s stock worth $630,000 after purchasing an additional 13,443 shares during the last quarter. Palumbo Wealth Management LLC acquired a new position in shares of ProShares Ultra Nasdaq Biotechnology during the 3rd quarter worth about $766,000. Kaizen Financial Strategies acquired a new position in shares of ProShares Ultra Nasdaq Biotechnology during the 4th quarter worth about $424,000. Citadel Advisors LLC purchased a new position in shares of ProShares Ultra Nasdaq Biotechnology in the 3rd quarter valued at about $307,000. Finally, Franklin Resources Inc. acquired a new stake in shares of ProShares Ultra Nasdaq Biotechnology during the 2nd quarter worth about $32,000.

About ProShares Ultra Nasdaq Biotechnology

ProShares Ultra Nasdaq Biotechnology (the Fund) seeks daily investment results, before fees and expenses, that correspond to twice (200%) the daily performance of the Index. The return of the Fund for a period longer than a single trading day will be the result of each day’s returns compounded over the period, which will very likely differ from the inverse of the return of the Dow Jones United States Basic Materials Index (the Index) for that period. The Fund does not seek to achieve its stated investment objective over a period of time greater than one day.