ProShares Ultra Semiconductors (NYSEARCA:USD) Shares Gap Up – Time to Buy?

Shares of ProShares Ultra Semiconductors (NYSEARCA:USD) gapped up before the market opened on Thursday . The stock had previously closed at $81.21, but opened at $87.20. ProShares Ultra Semiconductors shares last traded at $86.7140, with a volume of 218,901 shares.

ProShares Ultra Semiconductors Price Performance

The firm has a market cap of $2.76 billion, a price-to-earnings ratio of 40.05 and a beta of 3.69. The stock has a 50-day moving average price of $90.01 and a 200 day moving average price of $78.31.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in USD. Nwam LLC purchased a new stake in ProShares Ultra Semiconductors in the second quarter valued at approximately $209,000. Client First Investment Management LLC acquired a new stake in shares of ProShares Ultra Semiconductors in the second quarter valued at approximately $1,121,000. Quantinno Capital Management LP grew its position in shares of ProShares Ultra Semiconductors by 414.2% during the first quarter. Quantinno Capital Management LP now owns 21,615 shares of the company’s stock worth $1,036,000 after acquiring an additional 17,411 shares during the last quarter. Dale Q Rice Investment Management Ltd grew its position in shares of ProShares Ultra Semiconductors by 2.0% during the first quarter. Dale Q Rice Investment Management Ltd now owns 447,279 shares of the company’s stock worth $21,447,000 after acquiring an additional 8,716 shares during the last quarter. Finally, Independent Financial Group LLC acquired a new position in shares of ProShares Ultra Semiconductors in the 1st quarter valued at $231,000.

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.