ProShares UltraShort Materials (NYSEARCA:SMN) Short Interest Down 39.9% in April

ProShares UltraShort Materials (NYSEARCA:SMN) saw a large drop in short interest in April. As of April 30th, there was short interest totaling 3,384 shares, a drop of 39.9% from the April 15th total of 5,626 shares. Approximately 1.1% of the shares of the stock are short sold. Based on an average daily trading volume, of 6,247 shares, the short-interest ratio is presently 0.5 days.

ProShares UltraShort Materials Price Performance

SMN traded up $0.51 on Friday, hitting $10.49. 32,853 shares of the company were exchanged, compared to its average volume of 16,588. The firm has a fifty day simple moving average of $10.45 and a two-hundred day simple moving average of $11.71. ProShares UltraShort Materials has a 12 month low of $9.23 and a 12 month high of $15.51.

ProShares UltraShort Materials shares are set to reverse split before the market opens on Thursday, May 28th. The 1-2 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the closing bell on Wednesday, May 27th.

Hedge Funds Weigh In On ProShares UltraShort Materials

A hedge fund recently bought a new stake in ProShares UltraShort Materials stock. Susquehanna International Group LLP purchased a new position in shares of ProShares UltraShort Materials (NYSEARCA:SMN) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm purchased 11,010 shares of the company’s stock, valued at approximately $150,000. Susquehanna International Group LLP owned about 18.35% of ProShares UltraShort Materials at the end of the most recent reporting period.

About ProShares UltraShort Materials

ProShares UltraShort Basic Materials (the Fund) seeks daily investment results that correspond to twice the inverse daily performance of the Dow Jones U.S. Basic Materials Index (the Index). The Index measures the performance of the basic materials industry of the United States equity market. Component companies are involved in the production of aluminum, steel, non-ferrous metals, commodity chemicals, specialty chemicals, forest products, paper products, as well as the mining of precious metals and coal.