ProShares Ultra Nasdaq Biotechnology (NASDAQ:BIB) Stock Cross Above 50 Day Moving Average - Here's Why

Key Points

• ProShares Ultra Nasdaq Biotechnology (NASDAQ:BIB) has crossed above its 50-day moving average of $47.57, trading at $50.48 with a peak at $52.31 during recent trading.
• The company has increased its quarterly dividend to $0.1706 per share, reflecting a positive change from the previous dividend of $0.13 and a 1.4% yield.
• Several institutional investors have recently increased their positions in ProShares Ultra Nasdaq Biotechnology, indicating growing interest in the fund.

Shares of ProShares Ultra Nasdaq Biotechnology (NASDAQ:BIB - ) crossed above its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of $47.57 and traded as high as $52.31. ProShares Ultra Nasdaq Biotechnology shares last traded at $50.48, with a volume of 9,808 shares.

ProShares Ultra Nasdaq Biotechnology Price Performance

The firm's 50-day simple moving average is $47.57 and its two-hundred day simple moving average is $48.59. The company has a market capitalization of $50.98 million, a price-to-earnings ratio of 20.68 and a beta of 1.63.

ProShares Ultra Nasdaq Biotechnology Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Wednesday, June 25th were issued a $0.1706 dividend. 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. This represents a $0.68 annualized dividend and a yield of 1.4%.

Institutional Investors Weigh In On ProShares Ultra Nasdaq Biotechnology

Several institutional investors have recently bought and sold shares of the business. PNC Financial Services Group Inc. purchased a new position in ProShares Ultra Nasdaq Biotechnology in the first quarter valued at about $48,000. Tower Research Capital LLC TRC grew its position in shares of ProShares Ultra Nasdaq Biotechnology by 31.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 5,326 shares of the exchange traded fund's stock worth $270,000 after buying an additional 1,266 shares in the last quarter. Finally, IMC Chicago LLC acquired a new stake in shares of ProShares Ultra Nasdaq Biotechnology during the first quarter worth approximately $1,080,000.

About ProShares Ultra Nasdaq Biotechnology

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.