ProShares UltraPro Dow30 (NYSEARCA:UDOW) Hits New 52-Week High – Should You Buy?

ProShares UltraPro Dow30 (NYSEARCA:UDOW)’s stock price hit a new 52-week high during trading on Friday . The company traded as high as $68.39 and last traded at $66.6940, with a volume of 1929271 shares. The stock had previously closed at $68.00.

ProShares UltraPro Dow30 Trading Down 2.8%

The stock’s fifty day moving average price is $58.80 and its 200 day moving average price is $58.68. The stock has a market cap of $875.52 million, a P/E ratio of 20.47 and a beta of 2.61.

Hedge Funds Weigh In On ProShares UltraPro Dow30

Institutional investors and hedge funds have recently made changes to their positions in the business. Optiver Holding B.V. grew its stake in shares of ProShares UltraPro Dow30 by 115.7% during the first quarter. Optiver Holding B.V. now owns 64,567 shares of the company’s stock valued at $3,240,000 after buying an additional 34,635 shares during the last quarter. Strategic Investment Advisors MI purchased a new stake in ProShares UltraPro Dow30 during the 1st quarter valued at about $231,000. Group One Trading LLC purchased a new position in ProShares UltraPro Dow30 in the 1st quarter worth approximately $52,000. Fifth Third Bancorp purchased a new position in ProShares UltraPro Dow30 in the 1st quarter worth approximately $100,000. Finally, Spectrum Financial Alliance Ltd LLC boosted its stake in shares of ProShares UltraPro Dow30 by 150.5% during the first quarter. Spectrum Financial Alliance Ltd LLC now owns 88,732 shares of the company’s stock valued at $4,453,000 after purchasing an additional 53,304 shares during the period.

About ProShares UltraPro Dow30

ProShares UltraPro Dow30 seeks daily investment results, before fees and expenses, that correspond to triple (300%) the daily performance of the Dow Jones Industrial Average Index. The Fund invests in equity securities and derivatives that have similar daily performance characteristics as three times (300%) the daily return of the Index. The Index includes 30 large-cap, blue-chip United States stocks, excluding utility and transportation companies. The Fund invests in common stock issued by public companies.