ProShares Ultra Nasdaq Biotechnology (NASDAQ:BIB) Sees Large Drop in Short Interest

ProShares Ultra Nasdaq Biotechnology (NASDAQ:BIB) was the recipient of a large decline in short interest during the month of March. As of March 15th, there was short interest totalling 2,400 shares, a decline of 82.9% from the February 28th total of 14,000 shares. Based on an average daily volume of 9,200 shares, the days-to-cover ratio is currently 0.3 days. Currently, 0.2% of the shares of the stock are short sold.

Hedge Funds Weigh In On ProShares Ultra Nasdaq Biotechnology

Several large investors have recently added to or reduced their stakes in the business. Jane Street Group LLC boosted its holdings in ProShares Ultra Nasdaq Biotechnology by 8.4% in the third quarter. Jane Street Group LLC now owns 4,803 shares of the exchange traded fund’s stock valued at $306,000 after acquiring an additional 374 shares during the last quarter. Crowley Wealth Management Inc. purchased a new position in shares of ProShares Ultra Nasdaq Biotechnology in the 4th quarter worth about $51,000. Finally, Tower Research Capital LLC TRC lifted its stake in shares of ProShares Ultra Nasdaq Biotechnology by 31.2% in the 4th quarter. Tower Research Capital LLC TRC now owns 5,326 shares of the exchange traded fund’s stock valued at $270,000 after purchasing an additional 1,266 shares in the last quarter.

ProShares Ultra Nasdaq Biotechnology Stock Performance

NASDAQ BIB traded down $1.66 during mid-day trading on Wednesday, reaching $50.63. 4,873 shares of the stock were exchanged, compared to its average volume of 14,834. The stock has a market capitalization of $59.74 million, a PE ratio of 26.77 and a beta of 1.63. ProShares Ultra Nasdaq Biotechnology has a 1-year low of $47.20 and a 1-year high of $69.56. The business’s fifty day simple moving average is $54.24 and its 200 day simple moving average is $57.55.

ProShares Ultra Nasdaq Biotechnology Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Wednesday, March 26th will be given a $0.1309 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.03%. The ex-dividend date of this dividend is Wednesday, March 26th.

ProShares Ultra Nasdaq Biotechnology Company Profile

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.