ProShares UltraShort Materials (NYSEARCA:SMN) Sees Significant Drop in Short Interest

ProShares UltraShort Materials (NYSEARCA:SMN) was the recipient of a large decline in short interest in the month of April. As of April 30th, there was short interest totaling 3,384 shares, a decline of 39.9% from the April 15th total of 5,626 shares. Approximately 1.1% of the company’s shares are sold short. Based on an average daily trading volume, of 6,247 shares, the short-interest ratio is presently 0.5 days.

ProShares UltraShort Materials Price Performance

NYSEARCA SMN traded up $0.06 on Monday, hitting $10.55. 20,347 shares of the company were exchanged, compared to its average volume of 16,627. The company’s 50 day moving average price is $10.45 and its 200-day moving average price is $11.69. ProShares UltraShort Materials has a twelve month low of $9.23 and a twelve month high of $15.51.

Shares of ProShares UltraShort Materials are scheduled to reverse split on the morning of Thursday, May 28th. The 1-2 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the market closes on Wednesday, May 27th.

Hedge Funds Weigh In On ProShares UltraShort Materials

An institutional investor recently bought a new position in ProShares UltraShort Materials stock. Susquehanna International Group LLP bought a new stake in shares of ProShares UltraShort Materials (NYSEARCA:SMN) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 11,010 shares of the company’s stock, valued at approximately $150,000. Susquehanna International Group LLP owned approximately 18.35% of ProShares UltraShort Materials at the end of the most recent reporting period.

ProShares UltraShort Materials Company Profile

ProShares UltraShort Basic Materials (the Fund) seeks daily investment results that correspond to twice the inverse 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.