ProShares UltraShort Materials (NYSEARCA:SMN) Short Interest Down 52.5% in February

ProShares UltraShort Materials (NYSEARCA:SMN) saw a large drop in short interest during the month of February. As of February 27th, there was short interest totaling 2,085 shares, a drop of 52.5% from the February 12th total of 4,388 shares. Based on an average daily trading volume, of 17,940 shares, the days-to-cover ratio is currently 0.1 days. Currently, 2.6% of the shares of the company are sold short. Currently, 2.6% of the shares of the company are sold short. Based on an average daily trading volume, of 17,940 shares, the days-to-cover ratio is currently 0.1 days.

ProShares UltraShort Materials Price Performance

Shares of NYSEARCA:SMN traded up $0.11 during trading on Thursday, reaching $10.96. 1,353 shares of the company’s stock traded hands, compared to its average volume of 16,045. ProShares UltraShort Materials has a 12 month low of $9.23 and a 12 month high of $21.31. The company has a 50 day moving average of $10.60 and a 200-day moving average of $12.71.

Hedge Funds Weigh In On ProShares UltraShort Materials

An institutional investor recently bought a new position in ProShares UltraShort Materials stock. Susquehanna International Group LLP purchased a new position in shares of ProShares UltraShort Materials (NYSEARCA:SMN) during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 11,010 shares of the company’s stock, valued at approximately $150,000. Susquehanna International Group LLP owned 18.35% of ProShares UltraShort Materials at the end of the most recent quarter.

ProShares UltraShort Materials Company Profile

ProShares UltraShort Basic Materials (the Fund) seeks daily investment results that correspond to twice the inverse 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.