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

ProShares Ultra Nasdaq Biotechnology (NASDAQ:BIB) was the target of a large drop in short interest during the month of January. As of January 30th, there was short interest totaling 21,087 shares, a drop of 27.9% from the January 15th total of 29,246 shares. Approximately 2.0% of the company’s shares are sold short. Based on an average daily trading volume, of 12,905 shares, the days-to-cover ratio is currently 1.6 days. Based on an average daily trading volume, of 12,905 shares, the days-to-cover ratio is currently 1.6 days. Approximately 2.0% of the company’s shares are sold short.

ProShares Ultra Nasdaq Biotechnology Stock Performance

BIB stock opened at $84.94 on Monday. The company has a market capitalization of $89.19 million, a P/E ratio of 20.68 and a beta of 1.38. The company has a fifty day moving average price of $82.48 and a 200-day moving average price of $70.58. ProShares Ultra Nasdaq Biotechnology has a 52-week low of $33.78 and a 52-week high of $89.06.

ProShares Ultra Nasdaq Biotechnology Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Wednesday, December 24th were paid 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 of this dividend was Wednesday, December 24th.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Franklin Resources Inc. bought a new stake in shares of ProShares Ultra Nasdaq Biotechnology in the 2nd quarter valued at $32,000. Citadel Advisors LLC bought a new position in ProShares Ultra Nasdaq Biotechnology during the third quarter worth $307,000. Kaizen Financial Strategies acquired a new position in ProShares Ultra Nasdaq Biotechnology in the fourth quarter valued at $424,000. Palumbo Wealth Management LLC bought a new stake in ProShares Ultra Nasdaq Biotechnology during the third quarter valued at $766,000. Finally, Laurel Wealth Advisors LLC boosted its position in ProShares Ultra Nasdaq Biotechnology by 4,481.0% during 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.

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. The Fund does not seek to achieve its stated investment objective over a period of time greater than one day.