Ultra Ether ETF (NYSEARCA:ETHT) Shares Up 2% – Still a Buy?

Ultra Ether ETF (NYSEARCA:ETHT) shares shot up 2% on Tuesday . The stock traded as high as $38.52 and last traded at $37.22. 784,772 shares changed hands during trading, a decline of 22% from the average session volume of 1,009,765 shares. The stock had previously closed at $36.49.

Ultra Ether ETF Price Performance

The stock’s 50 day simple moving average is $47.75 and its 200-day simple moving average is $70.30.

Institutional Investors Weigh In On Ultra Ether ETF

A number of hedge funds have recently bought and sold shares of the company. Integrated Wealth Concepts LLC bought a new position in shares of Ultra Ether ETF in the third quarter worth about $282,000. Mutual Advisors LLC grew its holdings in Ultra Ether ETF by 6.5% in the 3rd quarter. Mutual Advisors LLC now owns 20,747 shares of the company’s stock valued at $1,867,000 after buying an additional 1,267 shares during the last quarter. Wealth Enhancement Advisory Services LLC acquired a new stake in Ultra Ether ETF in the 3rd quarter valued at approximately $294,000. Beaumont Financial Advisors LLC bought a new position in Ultra Ether ETF in the 3rd quarter worth approximately $230,000. Finally, 180 Wealth Advisors LLC acquired a new position in shares of Ultra Ether ETF during the third quarter worth approximately $231,000.

About Ultra Ether ETF

The ProShares Ultra Ether ETF (ETHT) is an exchange-traded fund that is based on the Bloomberg Ethereum index. The fund tracks 2x the daily price movements of an index that measures the price of Ether. It uses futures contracts to provide leveraged exposure without directly investing in Ether. ETHT was launched on Jun 7, 2024 and is issued by ProShares.