ProShares UltraShort Utilities (NYSEARCA:SDP) Sees Significant Drop in Short Interest

ProShares UltraShort Utilities (NYSEARCA:SDP) was the target of a large drop in short interest in January. As of January 30th, there was short interest totaling 7,139 shares, a drop of 37.9% from the January 15th total of 11,495 shares. Based on an average daily volume of 4,815 shares, the days-to-cover ratio is currently 1.5 days. Approximately 3.8% of the shares of the stock are sold short. Approximately 3.8% of the shares of the stock are sold short. Based on an average daily volume of 4,815 shares, the days-to-cover ratio is currently 1.5 days.

ProShares UltraShort Utilities Stock Performance

ProShares UltraShort Utilities stock traded down $0.64 during trading on Friday, reaching $10.51. 33,565 shares of the company were exchanged, compared to its average volume of 10,042. The stock’s 50 day simple moving average is $12.40 and its two-hundred day simple moving average is $12.30. ProShares UltraShort Utilities has a 52-week low of $10.50 and a 52-week high of $18.60.

Institutional Trading of ProShares UltraShort Utilities

A hedge fund recently bought a new stake in ProShares UltraShort Utilities stock. IMC Chicago LLC purchased a new stake in shares of ProShares UltraShort Utilities (NYSEARCA:SDP) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 86,608 shares of the company’s stock, valued at approximately $1,080,000. IMC Chicago LLC owned 45.58% of ProShares UltraShort Utilities as of its most recent filing with the Securities and Exchange Commission (SEC).

ProShares UltraShort Utilities Company Profile

ProShares UltraShort Utilities (the Fund) seeks daily investment results that correspond to twice (200%) the inverse (opposite) of 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, to investments that, in combination, have economic characteristics that are inverse to those of the Index. The Fund also intends to invest assets not invested in financial instruments, in debt instruments and/or money market instruments.