ProShares Ultra Nasdaq Biotechnology (NASDAQ:BIB) Short Interest Down 48.2% in May

ProShares Ultra Nasdaq Biotechnology (NASDAQ:BIB) was the target of a significant decline in short interest in May. As of May 29th, there was short interest totaling 4,879 shares, a decline of 48.2% from the May 14th total of 9,417 shares. Based on an average daily volume of 5,501 shares, the days-to-cover ratio is currently 0.9 days. Approximately 0.5% of the shares of the company are short sold.

Institutional Trading of ProShares Ultra Nasdaq Biotechnology

Institutional investors have recently modified their holdings of the company. Kaizen Financial Strategies grew its stake in ProShares Ultra Nasdaq Biotechnology by 4.7% during the first quarter. Kaizen Financial Strategies now owns 5,565 shares of the exchange traded fund’s stock worth $483,000 after buying an additional 250 shares during the last quarter. Franklin Resources Inc. acquired a new stake in shares of ProShares Ultra Nasdaq Biotechnology in the 2nd quarter valued at approximately $32,000. Citadel Advisors LLC bought a new position in ProShares Ultra Nasdaq Biotechnology during the third quarter worth about $307,000. Finally, Palumbo Wealth Management LLC bought a new position in shares of ProShares Ultra Nasdaq Biotechnology during the 3rd quarter valued at about $766,000.

ProShares Ultra Nasdaq Biotechnology Stock Performance

Shares of NASDAQ:BIB traded up $0.82 during trading hours on Monday, hitting $83.47. 4,180 shares of the company’s stock traded hands, compared to its average volume of 10,484. The company’s fifty day simple moving average is $82.76 and its two-hundred day simple moving average is $82.47. The company has a market cap of $77.63 million, a price-to-earnings ratio of 20.68 and a beta of 1.24. ProShares Ultra Nasdaq Biotechnology has a 52 week low of $44.20 and a 52 week high of $90.90.

About ProShares Ultra Nasdaq Biotechnology

ProShares Ultra Nasdaq Biotechnology (the Fund) seeks daily investment results, before fees and expenses, that correspond to twice (200%) the daily performance of the Index. The return of the Fund for a period longer than a single trading day will be the result of each day’s returns compounded over the period, which will very likely differ from the inverse of the return of the Dow Jones United States Basic Materials Index (the Index) for that period. The Fund does not seek to achieve its stated investment objective over a period of time greater than one day.