ProShares Ultra Nasdaq Biotechnology (NASDAQ:BIB) Short Interest Update

ProShares Ultra Nasdaq Biotechnology (NASDAQ:BIB) was the recipient of a large drop in short interest during the month of August. As of August 31st, there was short interest totaling 8,812 shares, a drop of 43.0% from the August 15th total of 15,453 shares. Currently, 1.1% of the shares of the stock are sold short. Based on an average trading volume of 16,290 shares, the days-to-cover ratio is currently 0.5 days.

ProShares Ultra Nasdaq Biotechnology Trading Up 0.5%

BIB stock opened at $108.98 on Thursday. The company’s 50 day moving average is $108.74 and its 200 day moving average is $93.15. The stock has a market cap of $8.72 million, a price-to-earnings ratio of 20.68 and a beta of 1.22. ProShares Ultra Nasdaq Biotechnology has a 1-year low of $55.34 and a 1-year high of $126.40.

Hedge Funds Weigh In On ProShares Ultra Nasdaq Biotechnology

A hedge fund recently raised its position in ProShares Ultra Nasdaq Biotechnology stock. Kaizen Financial Strategies raised its holdings in shares of ProShares Ultra Nasdaq Biotechnology (NASDAQ:BIB) by 4.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,565 shares of the exchange traded fund’s stock after acquiring an additional 250 shares during the period. Kaizen Financial Strategies owned about 0.60% of ProShares Ultra Nasdaq Biotechnology worth $483,000 at the end of the most recent reporting period.

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.