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

ProShares Ultra Nasdaq Biotechnology (NASDAQ:BIB) crossed above its 50-day moving average during trading on Friday . The stock has a 50-day moving average of $81.02 and traded as high as $88.01. ProShares Ultra Nasdaq Biotechnology shares last traded at $85.73, with a volume of 9,892 shares trading hands.

ProShares Ultra Nasdaq Biotechnology Trading Down 2.8%

The firm has a market capitalization of $90.87 million, a PE ratio of 20.68 and a beta of 1.38. The firm has a 50-day moving average of $81.02 and a two-hundred day moving average of $66.73.

ProShares Ultra Nasdaq Biotechnology Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 24th were issued a $0.1346 dividend. This represents a $0.54 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date was Wednesday, December 24th.

Institutional Trading of ProShares Ultra Nasdaq Biotechnology

A number of institutional investors have recently modified their holdings of BIB. Franklin Resources Inc. purchased a new position in ProShares Ultra Nasdaq Biotechnology in the second quarter valued at approximately $32,000. Citadel Advisors LLC acquired a new stake in shares of ProShares Ultra Nasdaq Biotechnology in the third quarter worth $307,000. Kaizen Financial Strategies acquired a new stake in shares of ProShares Ultra Nasdaq Biotechnology in the fourth quarter worth $424,000. Palumbo Wealth Management LLC purchased a new position in shares of ProShares Ultra Nasdaq Biotechnology in the 3rd quarter valued at $766,000. Finally, Laurel Wealth Advisors LLC raised its stake in shares of ProShares Ultra Nasdaq Biotechnology by 4,481.0% in the 2nd 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 period.

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.