Short Interest in ProShares Ultra Materials (NYSEARCA:UYM) Decreases By 34.6%

ProShares Ultra Materials (NYSEARCA:UYM) was the target of a significant decline in short interest during the month of July. As of July 15th, there was short interest totaling 2,753 shares, a decline of 34.6% from the June 30th total of 4,208 shares. Currently, 0.2% of the company’s stock are short sold. Based on an average daily trading volume, of 9,156 shares, the days-to-cover ratio is presently 0.3 days.

Hedge Funds Weigh In On ProShares Ultra Materials

Large investors have recently modified their holdings of the stock. EverSource Wealth Advisors LLC boosted its stake in ProShares Ultra Materials by 32.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,850 shares of the company’s stock worth $44,000 after purchasing an additional 450 shares in the last quarter. Godfrey Financial Associates Inc. bought a new stake in ProShares Ultra Materials during the 4th quarter valued at about $44,000. Finally, Bank of America Corp DE bought a new stake in ProShares Ultra Materials during the 2nd quarter valued at about $57,000.

ProShares Ultra Materials Trading Down 4.7%

ProShares Ultra Materials stock opened at $29.01 on Friday. The business’s fifty day simple moving average is $30.05 and its two-hundred day simple moving average is $30.20. ProShares Ultra Materials has a 12 month low of $21.34 and a 12 month high of $34.54. The company has a market capitalization of $37.13 million, a price-to-earnings ratio of 22.90 and a beta of 1.87.

About ProShares Ultra Materials

ProShares Ultra Basic Materials ETF (the Fund) seeks daily investment results that correspond to twice (200%) the 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.