ProShares Ultra S&P500 (NYSEARCA:SSO) Reaches New 52-Week High – Time to Buy?

ProShares Ultra S&P500 (NYSEARCA:SSO) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $60.37 and last traded at $60.0420, with a volume of 801090 shares. The stock had previously closed at $59.99.

ProShares Ultra S&P500 Trading Down 0.3%

The firm has a market cap of $8.24 billion, a price-to-earnings ratio of 24.25 and a beta of 2.01. The stock’s 50 day moving average is $58.24 and its 200 day moving average is $55.62.

Hedge Funds Weigh In On ProShares Ultra S&P500

A number of large investors have recently made changes to their positions in SSO. Howard Capital Management Inc. acquired a new position in ProShares Ultra S&P500 in the 2nd quarter valued at $681,531,000. Assetmark Inc. boosted its position in shares of ProShares Ultra S&P500 by 110,080.6% in the third quarter. Assetmark Inc. now owns 6,635,078 shares of the real estate investment trust’s stock valued at $743,991,000 after acquiring an additional 6,629,056 shares during the period. Main Street Group LTD grew its stake in shares of ProShares Ultra S&P500 by 101.6% in the fourth quarter. Main Street Group LTD now owns 1,207,033 shares of the real estate investment trust’s stock valued at $69,911,000 after acquiring an additional 608,334 shares in the last quarter. Goldman Sachs Group Inc. acquired a new position in shares of ProShares Ultra S&P500 in the first quarter valued at about $41,524,000. Finally, Global View Capital Management LLC increased its position in ProShares Ultra S&P500 by 329.8% during the fourth quarter. Global View Capital Management LLC now owns 465,496 shares of the real estate investment trust’s stock worth $26,962,000 after acquiring an additional 357,202 shares during the period.

About ProShares Ultra S&P500

ProShares Ultra S&P500 (the Fund), formerly Ultra S&P500 ProShares, seeks daily investment results that correspond to twice (200%) the daily performance of the S&P 500 Index. The S&P 500 Index is a measure of large-cap United States stock market performance. It is a float-adjusted market capitalization weighted index of 500 United States operating companies and real estate investment trusts (REITs) selected by the S&P U.S. Index Committee through a non-mechanical process that factors criteria, such as liquidity, price, market capitalization and financial viability.