ProShares Ultra Materials (NYSEARCA:UYM) Sees Large Increase in Short Interest

ProShares Ultra Materials (NYSEARCA:UYM) was the target of a large increase in short interest in the month of July. As of July 31st, there was short interest totaling 4,607 shares, an increase of 67.3% from the July 15th total of 2,753 shares. Based on an average daily trading volume, of 6,459 shares, the days-to-cover ratio is currently 0.7 days. Currently, 0.4% of the company’s stock are short sold.

Hedge Funds Weigh In On ProShares Ultra Materials

A number of large investors have recently modified their holdings of the company. EverSource Wealth Advisors LLC increased its stake in ProShares Ultra Materials by 32.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,850 shares of the company’s stock valued at $44,000 after purchasing an additional 450 shares in the last quarter. Godfrey Financial Associates Inc. bought a new position in shares of ProShares Ultra Materials in the fourth quarter valued at $44,000. Finally, Bank of America Corp DE bought a new position in shares of ProShares Ultra Materials in the second quarter valued at $57,000.

ProShares Ultra Materials Stock Down 1.1%

NYSEARCA:UYM traded down $0.36 on Monday, hitting $30.98. The stock had a trading volume of 14,411 shares, compared to its average volume of 17,201. The business’s fifty day moving average is $30.28 and its 200 day moving average is $30.41. The company has a market cap of $39.65 million, a PE ratio of 22.90 and a beta of 1.87. ProShares Ultra Materials has a 52 week low of $21.34 and a 52 week high of $34.54.

About ProShares Ultra Materials

ProShares Ultra Basic Materials ETF (the Fund) seeks daily investment results that correspond to twice (200%) the daily performance of the Dow Jones U.S. Basic Materials Index (the Index). The Index measures the performance of the basic materials industry of the United States equity market. Component companies are involved in the production of aluminum, steel, non-ferrous metals, commodity chemicals, specialty chemicals, forest products, paper products, as well as the mining of precious metals and coal.