ProShares Ultra Utilities (NYSEARCA:UPW) Sees Significant Decrease in Short Interest

ProShares Ultra Utilities (NYSEARCA:UPW) was the recipient of a large drop in short interest in December. As of December 31st, there was short interest totaling 8,024 shares, a drop of 57.3% from the December 15th total of 18,780 shares. Approximately 1.1% of the shares of the stock are short sold. Based on an average daily volume of 11,403 shares, the days-to-cover ratio is currently 0.7 days. Based on an average daily volume of 11,403 shares, the days-to-cover ratio is currently 0.7 days. Approximately 1.1% of the shares of the stock are short sold.

Institutional Investors Weigh In On ProShares Ultra Utilities

A hedge fund recently raised its stake in ProShares Ultra Utilities stock. Envestnet Asset Management Inc. grew its stake in shares of ProShares Ultra Utilities (NYSEARCA:UPW) by 199.4% in the second quarter, according to its most recent filing with the SEC. The fund owned 25,635 shares of the company’s stock after acquiring an additional 17,073 shares during the period. Envestnet Asset Management Inc. owned about 12.50% of ProShares Ultra Utilities worth $2,072,000 at the end of the most recent reporting period.

ProShares Ultra Utilities Stock Performance

Shares of UPW stock traded up $0.49 during mid-day trading on Thursday, hitting $22.57. 14,752 shares of the stock traded hands, compared to its average volume of 22,695. ProShares Ultra Utilities has a twelve month low of $15.52 and a twelve month high of $26.20. The company’s 50-day simple moving average is $22.45 and its 200-day simple moving average is $22.34. The firm has a market cap of $14.22 million, a price-to-earnings ratio of 21.21 and a beta of 1.20.

About ProShares Ultra Utilities

ProShares Ultra Utilities (the Fund) seeks daily investment results that correspond to twice (200%) the daily performance of the Dow Jones U.S. Utilities Index (the Index). The Fund intends to invest at least 80% of its net assets, including any borrowings for investment purposes, under normal circumstances, to equity securities contained in the Index and/or financial instruments that, in combination, have similar economic characteristics. The Fund also intends to invest assets not invested in financial instruments, in debt instruments and/or money market instruments.