ProShares Ultra Financials (NYSEARCA:UYG) Shares Gap Down – Here’s Why

ProShares Ultra Financials (NYSEARCA:UYG)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $87.99, but opened at $85.43. ProShares Ultra Financials shares last traded at $88.79, with a volume of 10,284 shares changing hands.

ProShares Ultra Financials Price Performance

The firm has a 50 day simple moving average of $83.78 and a two-hundred day simple moving average of $88.48. The stock has a market cap of $827.40 million, a price-to-earnings ratio of 17.45 and a beta of 2.01.

Institutional Investors Weigh In On ProShares Ultra Financials

A number of hedge funds have recently modified their holdings of UYG. Envestnet Asset Management Inc. raised its position in shares of ProShares Ultra Financials by 250.1% during the fourth quarter. Envestnet Asset Management Inc. now owns 47,158 shares of the company’s stock worth $4,030,000 after purchasing an additional 33,688 shares during the period. Waverly Advisors LLC bought a new position in shares of ProShares Ultra Financials during the fourth quarter worth about $876,000. Jane Street Group LLC bought a new position in shares of ProShares Ultra Financials during the fourth quarter worth about $654,000. Freedom Investment Management Inc. bought a new position in shares of ProShares Ultra Financials during the fourth quarter worth about $612,000. Finally, Simplex Trading LLC bought a new position in shares of ProShares Ultra Financials during the fourth quarter worth about $327,000.

ProShares Ultra Financials Company Profile

ProShares Ultra Financials (the Fund) seeks daily investment results that correspond to twice the daily performance of the Dow Jones U.S. Financials Index. The Dow Jones U.S. Financials Index measures the performance of the financial services industry of the United States equity market. Component companies include regional banks; United States domiciled international banks; full line, life, and property and casualty insurance companies; companies that invest, directly or indirectly in real estate; diversified financial companies, such as credit card issuers, check cashing companies, mortgage lenders and investment advisers; securities brokers and dealers including investment banks, merchant banks and online brokers; and publicly traded stock exchanges.