ProShares Ultra Nasdaq Biotechnology (NASDAQ:BIB) Stock Price Cross Above Fifty Day Moving Average – Should You Sell?

ProShares Ultra Nasdaq Biotechnology (NASDAQ:BIB) passed above its 50 day moving average during trading on Thursday. The stock has a 50 day moving average of $113.84 and traded as high as $116.43. ProShares Ultra Nasdaq Biotechnology shares last traded at $112.85, with a volume of 8,019 shares.

ProShares Ultra Nasdaq Biotechnology Stock Down 1.6%

The stock’s fifty day moving average price is $113.84 and its 200 day moving average price is $98.78. The stock has a market cap of $94.79 million, a PE ratio of 20.68 and a beta of 1.20.

Hedge Funds Weigh In On ProShares Ultra Nasdaq Biotechnology

A number of hedge funds have recently added to or reduced their stakes in BIB. Capital Investment Advisors LLC purchased a new stake in ProShares Ultra Nasdaq Biotechnology during the 3rd quarter valued at $658,000. Toth Financial Advisory Corp bought a new stake in shares of ProShares Ultra Nasdaq Biotechnology in the 3rd quarter worth $118,000. Finally, Kaizen Financial Strategies increased its holdings in shares of ProShares Ultra Nasdaq Biotechnology by 4.7% in the 1st quarter. Kaizen Financial Strategies now owns 5,565 shares of the exchange traded fund’s stock worth $483,000 after purchasing an additional 250 shares in the last quarter.

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.