ProShares Ultra Semiconductors (NYSEARCA:USD) Trading Up 5.8% – Time to Buy?

ProShares Ultra Semiconductors (NYSEARCA:USD) shares shot up 5.8% during trading on Wednesday . The stock traded as high as $89.96 and last traded at $90.6230. 455,170 shares changed hands during trading, a decline of 52% from the average daily volume of 940,667 shares. The stock had previously closed at $85.68.

ProShares Ultra Semiconductors Stock Up 5.1%

The company’s 50-day simple moving average is $95.99 and its 200 day simple moving average is $70.12. The stock has a market capitalization of $2.74 billion, a price-to-earnings ratio of 40.05 and a beta of 3.65.

Institutional Investors Weigh In On ProShares Ultra Semiconductors

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Quantinno Capital Management LP lifted its position in shares of ProShares Ultra Semiconductors by 414.2% during the 1st quarter. Quantinno Capital Management LP now owns 21,615 shares of the company’s stock worth $1,036,000 after purchasing an additional 17,411 shares during the last quarter. Dale Q Rice Investment Management Ltd increased its position in ProShares Ultra Semiconductors by 2.0% in the 1st quarter. Dale Q Rice Investment Management Ltd now owns 447,279 shares of the company’s stock worth $21,447,000 after buying an additional 8,716 shares during the period. Independent Financial Group LLC acquired a new position in shares of ProShares Ultra Semiconductors during the first quarter worth approximately $231,000. Diversify Wealth Management LLC acquired a new stake in shares of ProShares Ultra Semiconductors in the first quarter worth $155,000. Finally, Fortitude Advisory Group L.L.C. acquired a new position in ProShares Ultra Semiconductors during the 1st quarter valued at $233,000.

About ProShares Ultra Semiconductors

ProShares Ultra Semiconductors (the Fund) seeks daily investment results that correspond to twice (200%) the daily performance of the Dow Jones U.S. Semiconductor Index (the Index). The Fund intends to invest at least 80% of its net assets, including any borrowings for investment purposes, under normal circumstances, to equity securities contained in the Index and/or financial instruments that, in combination, have similar economic characteristics. It also intends to invest assets not invested in financial instruments, in debt instruments and/or money market instruments.