ProShares Ultra Technology (NYSEARCA:ROM) Sees Unusually-High Trading Volume – Still a Buy?

ProShares Ultra Technology (NYSEARCA:ROM) saw an uptick in trading volume on Tuesday . 54,211 shares changed hands during mid-day trading, a decline of 4% from the previous session’s volume of 56,459 shares.The stock last traded at $120.8190 and had previously closed at $128.79.

ProShares Ultra Technology Stock Down 3.9%

The firm has a market capitalization of $1.07 billion, a P/E ratio of 38.02 and a beta of 2.71. The business’s 50-day simple moving average is $145.13 and its 200 day simple moving average is $113.36.

Institutional Trading of ProShares Ultra Technology

Several hedge funds have recently added to or reduced their stakes in the business. WealthCare Asset Management LLC purchased a new stake in ProShares Ultra Technology during the fourth quarter valued at about $2,978,000. Quantinno Capital Management LP bought a new stake in shares of ProShares Ultra Technology in the 2nd quarter valued at about $1,032,000. Osaic Holdings Inc. boosted its holdings in ProShares Ultra Technology by 1,259.3% during the 2nd 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 period. Sequoia Financial Advisors LLC bought a new position in ProShares Ultra Technology during the 4th quarter worth approximately $604,000. Finally, Cerity Partners LLC bought a new position in ProShares Ultra Technology during the 2nd quarter worth approximately $487,000.

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.