ProShares Ultra Gold (NYSEARCA:UGL) Stock Price Up 11.2% – Time to Buy?

Shares of ProShares Ultra Gold (NYSEARCA:UGL) shot up 11.2% on Tuesday . The stock traded as high as $70.10 and last traded at $69.6770. 1,832,832 shares were traded during trading, a decline of 78% from the average session volume of 8,201,491 shares. The stock had previously closed at $62.66.

Key ProShares Ultra Gold News

Here are the key news stories impacting ProShares Ultra Gold this week:

• Positive Sentiment: CIBC and other analysts remain strongly bullish on gold, projecting much higher long-term prices which supports demand for gold exposure (positive for UGL). Read More.
• Positive Sentiment: Ongoing central-bank buying and upgraded analyst forecasts underpin structural demand for gold, a tailwind for bullion-linked products like UGL. Read More.
• Positive Sentiment: Lingering geopolitical risk (U.S.–Iran tensions) has intermittently supported dip-buying in gold, offering episodic support for UGL if tensions re-escalate. Read More.
• Neutral Sentiment: Mining-industry moves (Barrick’s planned North American spinout/IPO) are pressuring some miner equities but have a more indirect effect on bullion ETFs like UGL. Read More.
• Negative Sentiment: Technical bearish reversal and increased near-term uncertainty have pushed gold to test support levels, driving short-term selling pressure that weighs on UGL. Read More.
• Negative Sentiment: Silver’s sharp sell-off and deleveraging (reports of large margin-driven moves) spilled into gold, prompting liquidations and hurting leveraged gold products like UGL more than unlevered exposures. Read More. Read More.
• Negative Sentiment: Near-term dollar strength and Fed-driven rate signals have prompted profit-taking around recent gold resistance levels, applying further downward pressure on gold and thus UGL. Read More.

ProShares Ultra Gold Price Performance

The company’s 50 day moving average is $61.53 and its 200 day moving average is $49.89.

Institutional Investors Weigh In On ProShares Ultra Gold

Hedge funds and other institutional investors have recently made changes to their positions in the business. Global Assets Advisory LLC acquired a new position in ProShares Ultra Gold in the 3rd quarter valued at $548,000. Rothschild Investment LLC increased its position in shares of ProShares Ultra Gold by 300.0% in the second quarter. Rothschild Investment LLC now owns 3,000 shares of the company’s stock worth $104,000 after purchasing an additional 2,250 shares during the period. China Universal Asset Management Co. Ltd. raised its stake in ProShares Ultra Gold by 126.7% in the second quarter. China Universal Asset Management Co. Ltd. now owns 62,800 shares of the company’s stock valued at $2,177,000 after purchasing an additional 35,100 shares in the last quarter. MGO One Seven LLC lifted its position in ProShares Ultra Gold by 152.8% during the second quarter. MGO One Seven LLC now owns 14,694 shares of the company’s stock worth $509,000 after purchasing an additional 8,881 shares during the period. Finally, EverSource Wealth Advisors LLC grew its stake in ProShares Ultra Gold by 195.4% during the second quarter. EverSource Wealth Advisors LLC now owns 36,000 shares of the company’s stock worth $1,248,000 after buying an additional 23,813 shares in the last quarter.

ProShares Ultra Gold Company Profile

ProShares Ultra Gold (the Fund) seeks daily investment results that correspond to twice (200%) the daily performance. The Fund generally invests in financial instruments as a substitute for investing directly in a commodity or currency in order to gain exposure to the commodity index, commodity or currency. The Funds may purchase United States Treasury Bills, agency securities, and other high-credit quality short-term fixed income or similar securities with original maturities of one year or less.