ProShares Ultra Financials (NYSEARCA:UYG) Sees Large Volume Increase – Here’s What Happened

ProShares Ultra Financials (NYSEARCA:UYG) saw strong trading volume on Friday. 52,568 shares changed hands during trading, an increase of 219% from the previous session’s volume of 16,496 shares. The stock last traded at $88.0810 and had previously closed at $86.32.

ProShares Ultra Financials Stock Up 2.0%

The company’s 50-day moving average is $94.23 and its 200 day moving average is $86.96. The company has a market cap of $737.98 million, a price-to-earnings ratio of 17.45 and a beta of 1.78.

Hedge Funds Weigh In On ProShares Ultra Financials

A number of hedge funds have recently bought and sold shares of UYG. Western Wealth Management LLC purchased a new position in shares of ProShares Ultra Financials during the 1st quarter valued at approximately $31,000. MCF Advisors LLC raised its position in ProShares Ultra Financials by 88.7% during the second quarter. MCF Advisors LLC now owns 566 shares of the company’s stock worth $48,000 after acquiring an additional 266 shares during the period. Main Street Group LTD purchased a new position in ProShares Ultra Financials during the first quarter valued at $44,000. Ameritas Advisory Services LLC purchased a new position in ProShares Ultra Financials during the second quarter valued at $158,000. Finally, Lowery Thomas LLC acquired a new stake in shares of ProShares Ultra Financials in the second quarter valued at about $277,000.

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.