ProShares Ultra Technology (NYSEARCA:ROM) Hits New 52-Week High – Should You Buy?

ProShares Ultra Technology (NYSEARCA:ROM) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $108.48 and last traded at $108.28, with a volume of 19054 shares trading hands. The stock had previously closed at $105.70.

ProShares Ultra Technology Trading Up 3.6%

The company has a market capitalization of $941.45 million, a P/E ratio of 38.02 and a beta of 2.50. The company’s fifty day moving average is $87.53 and its 200 day moving average is $92.74.

Institutional Trading of ProShares Ultra Technology

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Group One Trading LLC bought a new position in ProShares Ultra Technology in the 4th quarter worth about $26,000. Royal Bank of Canada boosted its position in shares of ProShares Ultra Technology by 132.4% in the fourth quarter. Royal Bank of Canada now owns 711 shares of the company’s stock valued at $67,000 after acquiring an additional 405 shares during the period. Aventura Private Wealth LLC bought a new position in shares of ProShares Ultra Technology in the fourth quarter valued at approximately $75,000. Kanawha Capital Management LLC purchased a new position in ProShares Ultra Technology during the third quarter valued at approximately $203,000. Finally, APS Management Group Inc. purchased a new position in ProShares Ultra Technology during the fourth quarter valued at approximately $207,000.

About ProShares Ultra Technology

ProShares Ultra Technology (the Fund) seeks daily investment results that correspond to twice the daily performance of the Dow Jones U.S. Technology Index (the Index). The Index measures the performance of the technology industry of the United States equity market. Component companies include those involved in computers and office equipment, software, communications technology, semiconductors, diversified technology services and Internet services. The Fund takes positions in securities and/or financial instruments that, in combination, should have similar daily return characteristics as 200% of the daily return of the Index.