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

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

Institutional Trading of ProShares Ultra Nasdaq Biotechnology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Palumbo Wealth Management LLC acquired a new stake in ProShares Ultra Nasdaq Biotechnology in the 3rd quarter valued at approximately $766,000. Kaizen Financial Strategies grew its holdings in ProShares Ultra Nasdaq Biotechnology by 4.7% in the 1st quarter. Kaizen Financial Strategies now owns 5,565 shares of the exchange traded fund’s stock valued at $483,000 after buying an additional 250 shares during the last quarter. Citadel Advisors LLC acquired a new stake in ProShares Ultra Nasdaq Biotechnology in the 3rd quarter valued at approximately $307,000. Finally, Franklin Resources Inc. acquired a new stake in ProShares Ultra Nasdaq Biotechnology in the 2nd quarter valued at approximately $32,000.

ProShares Ultra Nasdaq Biotechnology Stock Up 1.3%

BIB opened at $83.72 on Tuesday. The firm has a market capitalization of $77.86 million, a P/E ratio of 20.68 and a beta of 1.24. The stock’s 50 day moving average price is $82.80 and its two-hundred day moving average price is $82.48. ProShares Ultra Nasdaq Biotechnology has a 12-month low of $44.20 and a 12-month 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.