ProShares Ultra Materials (NYSEARCA:UYM) Sees Significant Increase in Short Interest

ProShares Ultra Materials (NYSEARCA:UYM) was the recipient of a large increase in short interest in June. As of June 15th, there was short interest totaling 7,512 shares, an increase of 143.4% from the May 31st total of 3,086 shares. Based on an average trading volume of 10,033 shares, the days-to-cover ratio is presently 0.7 days. Approximately 0.6% of the company’s stock are short sold.

ProShares Ultra Materials Stock Performance

NYSEARCA:UYM traded down $1.28 on Monday, hitting $29.45. The stock had a trading volume of 27,638 shares, compared to its average volume of 18,388. The stock has a market cap of $39.75 million, a P/E ratio of 22.90 and a beta of 1.86. The firm’s fifty day simple moving average is $30.49 and its two-hundred day simple moving average is $29.39. ProShares Ultra Materials has a 1 year low of $21.34 and a 1 year high of $34.54.

Institutional Investors Weigh In On ProShares Ultra Materials

A number of hedge funds have recently made changes to their positions in UYM. EverSource Wealth Advisors LLC boosted its holdings in shares of ProShares Ultra Materials by 32.1% in the 2nd 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 stake in shares of ProShares Ultra Materials in the 2nd quarter worth approximately $57,000. Finally, Godfrey Financial Associates Inc. purchased a new position in ProShares Ultra Materials in the fourth quarter valued at approximately $44,000.

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.