ProShares Ultra Financials (NYSEARCA:UYG) Sees Large Volume Increase – Here’s Why

Shares of ProShares Ultra Financials (NYSEARCA:UYG) saw unusually-high trading volume on Friday. 57,851 shares traded hands during mid-day trading, an increase of 257% from the average daily volume of 16,207 shares. The stock last traded at $92.9890 and had previously closed at $94.67.

ProShares Ultra Financials Price Performance

The stock’s 50 day simple moving average is $91.85 and its two-hundred day simple moving average is $86.09. The stock has a market cap of $777.27 million, a price-to-earnings ratio of 17.45 and a beta of 1.78.

Hedge Funds Weigh In On ProShares Ultra Financials

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Cassaday & Co Wealth Management LLC boosted its position in shares of ProShares Ultra Financials by 14.4% during the 1st quarter. Cassaday & Co Wealth Management LLC now owns 39,801 shares of the company’s stock valued at $2,922,000 after acquiring an additional 5,000 shares in the last quarter. Toth Financial Advisory Corp bought a new stake in ProShares Ultra Financials in the third quarter valued at about $2,363,000. Corient Private Wealth LP acquired a new position in ProShares Ultra Financials in the second quarter worth about $2,011,000. Quantinno Capital Management LP raised its position in ProShares Ultra Financials by 307.1% in the first quarter. Quantinno Capital Management LP now owns 12,721 shares of the company’s stock worth $934,000 after purchasing an additional 9,596 shares in the last quarter. Finally, Independent Financial Group LLC acquired a new position in ProShares Ultra Financials in the first quarter worth about $397,000.

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.