ProShares UltraShort Materials (NYSEARCA:SMN – Get Free Report) saw a significant drop in short interest in the month of August. As of August 14th, there was short interest totaling 1,661 shares, a drop of 75.1% from the July 30th total of 6,665 shares. Approximately 0.8% of the company’s stock are short sold. Based on an average daily trading volume, of 2,236 shares, the days-to-cover ratio is presently 0.7 days.
Institutional Investors Weigh In On ProShares UltraShort Materials
A hedge fund recently bought a new stake in ProShares UltraShort Materials stock. Susquehanna International Group LLP acquired a new stake in shares of ProShares UltraShort Materials (NYSEARCA:SMN – Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 11,010 shares of the company’s stock, valued at approximately $150,000. Susquehanna International Group LLP owned approximately 18.35% of ProShares UltraShort Materials at the end of the most recent reporting period.
ProShares UltraShort Materials Stock Up 1.6%
ProShares UltraShort Materials stock traded up $0.29 during mid-day trading on Thursday, reaching $18.45. 432 shares of the company were exchanged, compared to its average volume of 7,014. The business has a fifty day moving average of $19.65 and a 200 day moving average of $20.18. ProShares UltraShort Materials has a 12-month low of $17.93 and a 12-month high of $31.02.
About ProShares UltraShort Materials
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.
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