ProShares Ultra Nasdaq Biotechnology (NASDAQ:BIB) Short Interest Down 23.9% in July

Key Points

• Short interest in ProShares Ultra Nasdaq Biotechnology (NASDAQ:BIB) decreased by 23.9% in July, with current short interest totaling 8,900 shares, accounting for approximately 0.9% of the company’s shares.
• The company recently increased its quarterly dividend to $0.1706 per share, up from $0.13, representing an annualized yield of 1.2%.
• Prominent investors have either entered new stakes or enhanced their positions in BIB, including Laurel Wealth Advisors, which boosted its stake by 4,481.0% in the second quarter.

ProShares Ultra Nasdaq Biotechnology (NASDAQ:BIB - Get Free Report) saw a significant decline in short interest in the month of July. As of July 31st, there was short interest totaling 8,900 shares, adeclineof23.9% from the July 15th total of 11,700 shares. Based on an average trading volume of 8,600 shares, the days-to-cover ratio is currently 1.0 days. Approximately0.9% of the shares of the company are short sold. Approximately0.9% of the shares of the company are short sold. Based on an average trading volume of 8,600 shares, the days-to-cover ratio is currently 1.0 days.

Institutional Trading of ProShares Ultra Nasdaq Biotechnology

A number of institutional investors and hedge funds have recently made changes to their positions in BIB. Franklin Resources Inc. purchased a new stake in shares of ProShares Ultra Nasdaq Biotechnology in the second quarter valued at approximately $32,000. PNC Financial Services Group Inc. purchased a new stake in shares of ProShares Ultra Nasdaq Biotechnology in the first quarter valued at approximately $48,000. Tower Research Capital LLC TRC increased its position in shares of ProShares Ultra Nasdaq Biotechnology by 31.2% in the fourth quarter. Tower Research Capital LLC TRC now owns 5,326 shares of the exchange traded fund's stock valued at $270,000 after buying an additional 1,266 shares in the last quarter. Laurel Wealth Advisors LLC increased its position in shares of ProShares Ultra Nasdaq Biotechnology by 4,481.0% in the second quarter. Laurel Wealth Advisors LLC now owns 13,743 shares of the exchange traded fund's stock valued at $630,000 after buying an additional 13,443 shares in the last quarter. Finally, IMC Chicago LLC purchased a new stake in shares of ProShares Ultra Nasdaq Biotechnology in the first quarter valued at approximately $1,080,000.

ProShares Ultra Nasdaq Biotechnology Price Performance

NASDAQ:BIB traded up $1.22 during trading hours on Tuesday, reaching $55.87. The company had a trading volume of 7,712 shares, compared to its average volume of 9,262. ProShares Ultra Nasdaq Biotechnology has a 1-year low of $33.78 and a 1-year high of $69.17. The firm has a market cap of $56.43 million, a PE ratio of 20.68 and a beta of 1.63. The business's 50 day moving average price is $50.49 and its 200-day moving average price is $48.51.

ProShares Ultra Nasdaq Biotechnology Increases Dividend

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

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.