ProShares Ultra Communication Services (NYSEARCA:LTL) Sees Large Growth in Short Interest

ProShares Ultra Communication Services (NYSEARCA:LTL) was the recipient of a large increase in short interest in August. As of August 31st, there was short interest totaling 5,982 shares, an increase of 3,460.7% from the August 15th total of 168 shares. Based on an average daily trading volume, of 7,766 shares, the days-to-cover ratio is currently 0.8 days. Currently, 2.2% of the shares of the stock are short sold.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. WealthCare Asset Management LLC acquired a new stake in shares of ProShares Ultra Communication Services during the fourth quarter worth $710,000. Susquehanna International Group LLP boosted its holdings in shares of ProShares Ultra Communication Services by 11.7% in the 3rd quarter. Susquehanna International Group LLP now owns 5,777 shares of the exchange traded fund’s stock valued at $675,000 after purchasing an additional 607 shares during the last quarter. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of ProShares Ultra Communication Services during the 3rd quarter valued at $99,000. Finally, Citadel Advisors LLC purchased a new stake in shares of ProShares Ultra Communication Services during the 3rd quarter valued at $347,000.

ProShares Ultra Communication Services Price Performance

NYSEARCA:LTL traded up $0.27 during trading hours on Thursday, reaching $24.12. 1,694 shares of the company traded hands, compared to its average volume of 6,865. The firm’s 50-day moving average is $24.10 and its 200-day moving average is $25.37. The stock has a market cap of $6.51 million, a P/E ratio of 19.19 and a beta of 1.68. ProShares Ultra Communication Services has a 1-year low of $21.88 and a 1-year high of $29.67.

About ProShares Ultra Communication Services

ProShares Ultra Telecommunications (the Fund) seeks daily investment results that correspond to twice the daily performance of the Dow Jones U.S. Select Telecommunications Index (the Index). The Dow Jones U.S. Technology Index measures providers of fixed-line and mobile telephone services. Fixed-line includes regional and long-distance carriers. Mobile includes cellular, satellite and paging services. The Fund intends to invest at least 80% of its net assets, including any borrowings for investment purposes, under normal circumstances, to equity securities contained in the Index and/or financial instruments that, in combination, have similar economic characteristics.