ProShares Ultra Nasdaq Biotechnology (NASDAQ:BIB) Shares Cross Above 50 Day Moving Average – Here’s Why

ProShares Ultra Nasdaq Biotechnology (NASDAQ:BIB)’s stock price crossed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $74.59 and traded as high as $81.41. ProShares Ultra Nasdaq Biotechnology shares last traded at $80.83, with a volume of 11,789 shares trading hands.

ProShares Ultra Nasdaq Biotechnology Stock Up 4.7%

The stock has a 50-day moving average of $74.59 and a 200 day moving average of $60.52. The company has a market capitalization of $78.41 million, a PE ratio of 20.68 and a beta of 1.38.

ProShares Ultra Nasdaq Biotechnology Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Wednesday, September 24th were given a dividend of $0.1805 per share. The ex-dividend date of this dividend was Wednesday, September 24th. This represents a $0.72 annualized dividend and a dividend yield of 0.9%. This is a boost from ProShares Ultra Nasdaq Biotechnology’s previous quarterly dividend of $0.17.

Institutional Trading of ProShares Ultra Nasdaq Biotechnology

Several hedge funds have recently added to or reduced their stakes in BIB. Laurel Wealth Advisors LLC boosted its stake in ProShares Ultra Nasdaq Biotechnology by 4,481.0% in the second quarter. Laurel Wealth Advisors LLC now owns 13,743 shares of the exchange traded fund’s stock valued at $630,000 after acquiring an additional 13,443 shares during the last quarter. Palumbo Wealth Management LLC purchased a new position in ProShares Ultra Nasdaq Biotechnology in the third quarter valued at approximately $766,000. Citadel Advisors LLC purchased a new position in ProShares Ultra Nasdaq Biotechnology in the third quarter valued at approximately $307,000. PNC Financial Services Group Inc. bought a new position in ProShares Ultra Nasdaq Biotechnology during the first quarter valued at $48,000. Finally, Franklin Resources Inc. purchased a new stake in ProShares Ultra Nasdaq Biotechnology in the second quarter worth $32,000.

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.