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

Shares of 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 $109.66 and traded as high as $118.15. ProShares Ultra Nasdaq Biotechnology shares last traded at $117.3910, with a volume of 4,685 shares.

ProShares Ultra Nasdaq Biotechnology Stock Performance

The stock’s 50 day moving average price is $110.19 and its 200-day moving average price is $94.38. The company has a market cap of $95.98 million, a PE ratio of 20.68 and a beta of 1.22.

Hedge Funds Weigh In On ProShares Ultra Nasdaq Biotechnology

A hedge fund recently raised its stake in ProShares Ultra Nasdaq Biotechnology stock. Kaizen Financial Strategies increased its holdings in shares of ProShares Ultra Nasdaq Biotechnology (NASDAQ:BIB) by 4.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,565 shares of the exchange traded fund’s stock after acquiring an additional 250 shares during the period. Kaizen Financial Strategies owned approximately 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.