Short Interest in ProShares Ultra Nasdaq Biotechnology (NASDAQ:BIB) Drops By 43.0%

ProShares Ultra Nasdaq Biotechnology (NASDAQ:BIB) saw a large drop in short interest during the month of August. As of August 31st, there was short interest totaling 8,812 shares, a drop of 43.0% from the August 15th total of 15,453 shares. Currently, 1.1% of the company’s shares are sold short. Based on an average daily volume of 16,290 shares, the days-to-cover ratio is currently 0.5 days.

Institutional Investors Weigh In On ProShares Ultra Nasdaq Biotechnology

An institutional investor recently raised its position in ProShares Ultra Nasdaq Biotechnology stock. Kaizen Financial Strategies raised its position in ProShares Ultra Nasdaq Biotechnology (NASDAQ:BIB) by 4.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,565 shares of the exchange traded fund’s stock after purchasing an additional 250 shares during the quarter. Kaizen Financial Strategies owned 0.60% of ProShares Ultra Nasdaq Biotechnology worth $483,000 at the end of the most recent quarter.

ProShares Ultra Nasdaq Biotechnology Stock Up 1.8%

BIB stock opened at $111.73 on Tuesday. The company has a market cap of $8.94 million, a price-to-earnings ratio of 20.68 and a beta of 1.22. The business has a fifty day simple moving average of $108.74 and a 200-day simple moving average of $92.85. ProShares Ultra Nasdaq Biotechnology has a 52 week low of $55.34 and a 52 week high of $126.40.

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.