ProShares Ultra Technology (NYSEARCA:ROM) Sees Large Volume Increase – Still a Buy?

ProShares Ultra Technology (NYSEARCA:ROM) saw unusually-strong trading volume on Thursday . Approximately 38,720 shares traded hands during mid-day trading, an increase of 17% from the previous session’s volume of 32,990 shares.The stock last traded at $98.2020 and had previously closed at $95.17.

ProShares Ultra Technology Price Performance

The firm has a market cap of $882.21 million, a PE ratio of 38.02 and a beta of 2.41. The stock has a 50 day simple moving average of $95.06 and a 200-day simple moving average of $89.58.

Institutional Investors Weigh In On ProShares Ultra Technology

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Aventura Private Wealth LLC bought a new position in shares of ProShares Ultra Technology in the 4th quarter worth approximately $75,000. Northwestern Mutual Wealth Management Co. grew its holdings in ProShares Ultra Technology by 24.3% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 5,695 shares of the company’s stock valued at $528,000 after purchasing an additional 1,115 shares during the period. Kanawha Capital Management LLC purchased a new stake in ProShares Ultra Technology in the third quarter worth about $203,000. Independent Wealth Network Inc. purchased a new stake in ProShares Ultra Technology in the third quarter worth about $209,000. Finally, Osaic Holdings Inc. raised its stake in shares of ProShares Ultra Technology by 1,259.3% in the second quarter. Osaic Holdings Inc. now owns 10,331 shares of the company’s stock worth $786,000 after buying an additional 9,571 shares during the period.

ProShares Ultra Technology Company Profile

ProShares Ultra Technology (the Fund) seeks daily investment results that correspond to twice the daily performance of the Dow Jones U.S. Technology Index (the Index). The Index measures the performance of the technology industry of the United States equity market. Component companies include those involved in computers and office equipment, software, communications technology, semiconductors, diversified technology services and Internet services. The Fund takes positions in securities and/or financial instruments that, in combination, should have similar daily return characteristics as 200% of the daily return of the Index.