ProShares UltraShort Financials (NYSEARCA:SKF – Get Free Report) saw a significant growth in short interest in the month of July. As of July 15th, there was short interest totaling 25,191 shares, a growth of 296.5% from the June 30th total of 6,354 shares. Approximately 5.7% of the company’s stock are short sold. Based on an average daily volume of 22,161 shares, the short-interest ratio is currently 1.1 days.
ProShares UltraShort Financials Trading Down 2.2%
Shares of NYSEARCA SKF traded down $0.51 during trading on Monday, reaching $23.20. 8,014 shares of the stock were exchanged, compared to its average volume of 28,819. The business’s 50-day moving average price is $26.16 and its 200 day moving average price is $27.60. ProShares UltraShort Financials has a twelve month low of $22.99 and a twelve month high of $33.06.
Hedge Funds Weigh In On ProShares UltraShort Financials
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Group One Trading LLC acquired a new position in shares of ProShares UltraShort Financials in the second quarter worth about $37,000. Northwestern Mutual Wealth Management Co. grew its stake in ProShares UltraShort Financials by 20,938.7% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 6,522 shares of the company’s stock valued at $166,000 after purchasing an additional 6,491 shares in the last quarter. Finally, Tower Research Capital LLC TRC increased its holdings in ProShares UltraShort Financials by 907.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 13,840 shares of the company’s stock worth $388,000 after purchasing an additional 12,466 shares during the last quarter.
About ProShares UltraShort Financials
ProShares UltraShort Financials (the Fund) seeks daily investment results that correspond to twice the inverse daily performance of the Dow Jones U.S. Financials Index (the Index). The 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 Federal National Mortgage Association, credit card issuers and investment advisers; securities brokers and dealers, including investment banks, merchant banks and online brokers, and publicly traded stock exchanges.
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