ProShares Ultra Financials (NYSEARCA:UYG) Stock Price Down 9.1% – What’s Next?

Shares of ProShares Ultra Financials (NYSEARCA:UYG) dropped 9.1% during trading on Friday . The stock traded as low as $94.85 and last traded at $94.5940. Approximately 735 shares changed hands during mid-day trading, a decline of 96% from the average daily volume of 17,079 shares. The stock had previously closed at $104.01.

ProShares Ultra Financials Stock Performance

The firm has a market cap of $838.54 million, a P/E ratio of 17.45 and a beta of 2.02. The firm’s fifty day simple moving average is $95.36 and its 200 day simple moving average is $95.58.

Hedge Funds Weigh In On ProShares Ultra Financials

Institutional investors have recently added to or reduced their stakes in the company. CIBC Bancorp USA Inc. purchased a new stake in shares of ProShares Ultra Financials during the 3rd quarter worth approximately $709,000. Northwestern Mutual Wealth Management Co. bought a new stake in ProShares Ultra Financials in the third quarter worth $82,000. Focus Partners Wealth raised its stake in ProShares Ultra Financials by 20.6% during the third quarter. Focus Partners Wealth now owns 14,116 shares of the company’s stock valued at $1,401,000 after purchasing an additional 2,413 shares in the last quarter. Creative Planning lifted its position in ProShares Ultra Financials by 16.0% during the third quarter. Creative Planning now owns 4,296 shares of the company’s stock valued at $426,000 after purchasing an additional 593 shares during the last quarter. Finally, MAI Capital Management lifted its position in ProShares Ultra Financials by 19.9% during the third quarter. MAI Capital Management now owns 1,055 shares of the company’s stock valued at $105,000 after purchasing an additional 175 shares during the last quarter.

About ProShares Ultra Financials

ProShares Ultra Financials (the Fund) seeks daily investment results that correspond to twice the daily performance of the Dow Jones U.S. Financials Index. The Dow Jones U.S. Financials Index measures the performance of the financial services industry of the United States equity market. Component companies include regional banks; United States domiciled international banks; full line, life, and property and casualty insurance companies; companies that invest, directly or indirectly in real estate; diversified financial companies, such as credit card issuers, check cashing companies, mortgage lenders and investment advisers; securities brokers and dealers including investment banks, merchant banks and online brokers; and publicly traded stock exchanges.