ProShares UltraShort Materials (NYSEARCA:SMN) Sees Large Decrease in Short Interest

ProShares UltraShort Materials (NYSEARCA:SMN – Get Free Report) was the target of a significant drop in short interest during the month of April. As of April 30th, there was short interest totaling 3,384 shares, a drop of 39.9% from the April 15th total of 5,626 shares. Based on an average trading volume of 6,247 shares, the short-interest ratio is currently 0.5 days. Approximately 1.1% of the company’s shares are sold short.

ProShares UltraShort Materials Price Performance

Shares of SMN traded up $0.49 during mid-day trading on Tuesday, hitting $11.04. The company had a trading volume of 14,568 shares, compared to its average volume of 16,550. The business’s 50-day simple moving average is $10.45 and its 200-day simple moving average is $11.69. ProShares UltraShort Materials has a 1-year low of $9.23 and a 1-year high of $15.51.

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Shares of ProShares UltraShort Materials are set to reverse split before the market opens on Thursday, May 28th. The 1-2 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the closing bell on Wednesday, May 27th.

Institutional Investors Weigh In On ProShares UltraShort Materials

An institutional investor recently bought a new position in ProShares UltraShort Materials stock. Susquehanna International Group LLP bought a new position in ProShares UltraShort Materials (NYSEARCA:SMN – Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 11,010 shares of the company’s stock, valued at approximately $150,000. Susquehanna International Group LLP owned about 18.35% of ProShares UltraShort Materials as of its most recent filing with the Securities and Exchange Commission (SEC).

ProShares UltraShort Materials Company Profile

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ProShares UltraShort Basic Materials (the Fund) seeks daily investment results that correspond to twice the inverse 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.

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