ProShares Ultra Financials (NYSEARCA:UYG) Sees Strong Trading Volume – Still a Buy?

ProShares Ultra Financials (NYSEARCA:UYG) saw unusually-high trading volume on Friday . 27,405 shares traded hands during trading, an increase of 74% from the previous session’s volume of 15,779 shares.The stock last traded at $93.1940 and had previously closed at $92.17.

ProShares Ultra Financials Price Performance

The stock has a market capitalization of $803.81 million, a P/E ratio of 17.45 and a beta of 1.76. The stock’s fifty day moving average price is $85.63 and its 200 day moving average price is $82.72.

Hedge Funds Weigh In On ProShares Ultra Financials

Institutional investors have recently modified their holdings of the stock. Bank of America Corp DE boosted its holdings in shares of ProShares Ultra Financials by 2.1% in the second quarter. Bank of America Corp DE now owns 6,146 shares of the company’s stock valued at $587,000 after purchasing an additional 126 shares during the period. United Advisor Group LLC raised its position in ProShares Ultra Financials by 4.3% during the 4th quarter. United Advisor Group LLC now owns 3,134 shares of the company’s stock valued at $288,000 after purchasing an additional 129 shares in the last quarter. Bryn Mawr Trust Advisors LLC raised its position in ProShares Ultra Financials by 4.2% during the 4th quarter. Bryn Mawr Trust Advisors LLC now owns 4,940 shares of the company’s stock valued at $453,000 after purchasing an additional 199 shares in the last quarter. Lowery Thomas LLC lifted its holdings in shares of ProShares Ultra Financials by 9.1% in the 4th quarter. Lowery Thomas LLC now owns 2,687 shares of the company’s stock worth $247,000 after buying an additional 223 shares during the period. Finally, Western Wealth Management LLC bought a new position in shares of ProShares Ultra Financials during the 1st quarter worth $31,000.

About ProShares Ultra Financials

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.