Short Interest in ProShares Ultra Materials (NYSEARCA:UYM) Expands By 67.3%

ProShares Ultra Materials (NYSEARCA:UYM) was the recipient of a significant increase in short interest in July. As of July 31st, there was short interest totaling 4,607 shares, an increase of 67.3% from the July 15th total of 2,753 shares. Currently, 0.4% of the shares of the stock are short sold. Based on an average trading volume of 6,459 shares, the days-to-cover ratio is currently 0.7 days.

Hedge Funds Weigh In On ProShares Ultra Materials

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC grew its stake in shares of ProShares Ultra Materials by 32.1% during the second quarter. EverSource Wealth Advisors LLC now owns 1,850 shares of the company’s stock worth $44,000 after buying an additional 450 shares during the last quarter. Bank of America Corp DE bought a new position in shares of ProShares Ultra Materials in the 2nd quarter valued at $57,000. Finally, Godfrey Financial Associates Inc. bought a new position in shares of ProShares Ultra Materials in the 4th quarter valued at $44,000.

ProShares Ultra Materials Stock Down 1.8%

Shares of UYM stock traded down $0.55 on Tuesday, reaching $30.43. The company had a trading volume of 2,891 shares, compared to its average volume of 17,109. The stock has a market capitalization of $38.95 million, a PE ratio of 22.90 and a beta of 1.87. ProShares Ultra Materials has a one year low of $21.34 and a one year high of $34.54. The business’s 50-day moving average is $30.32 and its 200 day moving average is $30.42.

About ProShares Ultra Materials

ProShares Ultra Basic Materials ETF (the Fund) seeks daily investment results that correspond to twice (200%) the daily performance of the Dow Jones U.S. Basic Materials Index (the Index). The Index measures the performance of the basic materials industry of the United States equity market. Component companies are involved in the production of aluminum, steel, non-ferrous metals, commodity chemicals, specialty chemicals, forest products, paper products, as well as the mining of precious metals and coal.