ProShares Ultra Nasdaq Biotechnology (NASDAQ:BIB) Share Price Pass Above Fifty Day Moving Average – What’s Next?

ProShares Ultra Nasdaq Biotechnology (NASDAQ:BIB) crossed above its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $95.77 and traded as high as $110.08. ProShares Ultra Nasdaq Biotechnology shares last traded at $108.73, with a volume of 12,726 shares traded.

ProShares Ultra Nasdaq Biotechnology Stock Performance

The company has a market cap of $88.07 million, a PE ratio of 20.68 and a beta of 1.20. The firm has a fifty day simple moving average of $95.77 and a 200 day simple moving average of $87.60.

Institutional Investors Weigh In On ProShares Ultra Nasdaq Biotechnology

Hedge funds have recently modified their holdings of the stock. Kaizen Financial Strategies lifted its stake in shares of 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 purchasing an additional 250 shares in the last quarter. Franklin Resources Inc. purchased a new stake in shares of ProShares Ultra Nasdaq Biotechnology during the 2nd quarter worth about $32,000. Finally, Citadel Advisors LLC acquired a new stake in ProShares Ultra Nasdaq Biotechnology during the 3rd quarter worth approximately $307,000.

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.