ProShares Ultra Communication Services (NYSEARCA:LTL) Sees Significant Growth in Short Interest

ProShares Ultra Communication Services (NYSEARCA:LTL) was the target of a significant growth in short interest during the month of April. As of April 30th, there was short interest totaling 11,506 shares, a growth of 2,873.1% from the April 15th total of 387 shares. Based on an average daily volume of 11,688 shares, the days-to-cover ratio is currently 1.0 days. Approximately 3.8% of the company’s shares are short sold.

ProShares Ultra Communication Services Stock Performance

NYSEARCA LTL traded down $0.58 during trading hours on Monday, hitting $26.71. 2,202 shares of the company’s stock were exchanged, compared to its average volume of 9,256. The business’s 50 day moving average is $26.59 and its 200-day moving average is $27.11. ProShares Ultra Communication Services has a 12-month low of $20.74 and a 12-month high of $29.67. The firm has a market capitalization of $8.01 million, a P/E ratio of 19.19 and a beta of 1.69.

Institutional Trading of ProShares Ultra Communication Services

A number of hedge funds have recently added to or reduced their stakes in the business. Susquehanna International Group LLP boosted its stake in ProShares Ultra Communication Services by 11.7% in the 3rd quarter. Susquehanna International Group LLP now owns 5,777 shares of the exchange traded fund’s stock worth $675,000 after buying an additional 607 shares during the last quarter. Northwestern Mutual Wealth Management Co. acquired a new position in ProShares Ultra Communication Services in the third quarter valued at $99,000. Citadel Advisors LLC acquired a new stake in ProShares Ultra Communication Services during the 3rd quarter worth approximately $347,000. IMC Chicago LLC increased its position in shares of ProShares Ultra Communication Services by 100.0% in the third quarter. IMC Chicago LLC now owns 42,391 shares of the exchange traded fund’s stock worth $4,950,000 after acquiring an additional 21,191 shares in the last quarter. Finally, WealthCare Asset Management LLC purchased a new position in ProShares Ultra Communication Services in the fourth quarter valued at about $710,000.

About ProShares Ultra Communication Services

ProShares Ultra Telecommunications (the Fund) seeks daily investment results that correspond to twice the daily performance of the Dow Jones U.S. Select Telecommunications Index (the Index). The Dow Jones U.S. Technology Index measures providers of fixed-line and mobile telephone services. Fixed-line includes regional and long-distance carriers. Mobile includes cellular, satellite and paging services. The Fund intends to invest at least 80% of its net assets, including any borrowings for investment purposes, under normal circumstances, to equity securities contained in the Index and/or financial instruments that, in combination, have similar economic characteristics.