ProShares Ultra Nasdaq Biotechnology (NASDAQ:BIB) Short Interest Up 37.1% in August

Key Points

• Short interest in ProShares Ultra Nasdaq Biotechnology increased by 37.1% in August, totaling 12,200 shares, compared to 8,900 shares at the end of July.
• The company recently raised its quarterly dividend to $0.1706, representing an annualized dividend of $0.68 and a yield of 1.2%.
• ProShares Ultra Nasdaq Biotechnology's stock price rose 3.7%, with shares opening at $59.25, as it continues to trade significantly above its 12-month low of $33.78.

ProShares Ultra Nasdaq Biotechnology (NASDAQ:BIB - ) was the recipient of a large increase in short interest during the month of August. As of August 15th, there was short interest totaling 12,200 shares, anincreaseof37.1% from the July 31st total of 8,900 shares. Based on an average trading volume of 7,800 shares, the days-to-cover ratio is currently 1.6 days. Based on an average trading volume of 7,800 shares, the days-to-cover ratio is currently 1.6 days.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Franklin Resources Inc. acquired a new position in shares of ProShares Ultra Nasdaq Biotechnology during the 2nd quarter worth approximately $32,000. PNC Financial Services Group Inc. acquired a new position in ProShares Ultra Nasdaq Biotechnology during the first quarter worth $48,000. Laurel Wealth Advisors LLC raised its position in ProShares Ultra Nasdaq Biotechnology by 4,481.0% during the second quarter. Laurel Wealth Advisors LLC now owns 13,743 shares of the exchange traded fund's stock worth $630,000 after acquiring an additional 13,443 shares in the last quarter. Finally, IMC Chicago LLC acquired a new stake in ProShares Ultra Nasdaq Biotechnology in the first quarter valued at $1,080,000.

ProShares Ultra Nasdaq Biotechnology Stock Up 3.7%

NASDAQ BIB opened at $59.25 on Monday. The firm's 50 day moving average is $52.23 and its 200-day moving average is $48.56. The company has a market capitalization of $59.84 million, a PE ratio of 20.68 and a beta of 1.63. ProShares Ultra Nasdaq Biotechnology has a 12-month low of $33.78 and a 12-month high of $69.17.

ProShares Ultra Nasdaq Biotechnology Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Wednesday, June 25th were issued a $0.1706 dividend. This represents a $0.68 annualized dividend and a dividend yield of 1.2%. The ex-dividend date was Wednesday, June 25th. This is a positive change from ProShares Ultra Nasdaq Biotechnology's previous quarterly dividend of $0.13.

ProShares Ultra Nasdaq Biotechnology Company Profile

ProShares Ultra Nasdaq Biotechnology (the Fund) seeks daily investment results, before fees and expenses, that correspond to twice (200%) the daily performance of the Index. The return of the Fund for a period longer than a single trading day will be the result of each day's returns compounded over the period, which will very likely differ from the inverse of the return of the Dow Jones United States Basic Materials Index (the Index) for that period.

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