ProShares Ultra Technology (NYSEARCA:ROM) Shares Gap Up – Still a Buy?

ProShares Ultra Technology (NYSEARCA:ROM) shares gapped up prior to trading on Friday . The stock had previously closed at $139.87, but opened at $147.73. ProShares Ultra Technology shares last traded at $147.50, with a volume of 3,278 shares.

ProShares Ultra Technology Price Performance

The firm’s 50-day moving average is $141.40 and its 200 day moving average is $120.90. The stock has a market cap of $1.28 billion, a price-to-earnings ratio of 38.02 and a beta of 2.73.

Institutional Trading of ProShares Ultra Technology

Institutional investors have recently made changes to their positions in the stock. Cerity Partners LLC acquired a new stake in shares of ProShares Ultra Technology during the 2nd quarter worth $487,000. Quantinno Capital Management LP purchased a new position in shares of ProShares Ultra Technology in the 2nd quarter worth $1,032,000. Great Valley Advisor Group Inc. acquired a new position in ProShares Ultra Technology in the second quarter valued at $262,000. Osaic Holdings Inc. boosted its holdings in ProShares Ultra Technology by 1,259.3% in the second quarter. Osaic Holdings Inc. now owns 10,331 shares of the company’s stock valued at $786,000 after acquiring an additional 9,571 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its position in ProShares Ultra Technology by 24.3% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 5,695 shares of the company’s stock valued at $528,000 after acquiring an additional 1,115 shares during the period.

About ProShares Ultra Technology

ProShares Ultra Technology (the Fund) seeks daily investment results that correspond to twice the daily performance of the Dow Jones U.S. Technology Index (the Index). The Index measures the performance of the technology industry of the United States equity market. Component companies include those involved in computers and office equipment, software, communications technology, semiconductors, diversified technology services and Internet services. The Fund takes positions in securities and/or financial instruments that, in combination, should have similar daily return characteristics as 200% of the daily return of the Index.