ProShares Ultra Nasdaq Biotechnology (NASDAQ:BIB) Sees Large Decline in Short Interest

ProShares Ultra Nasdaq Biotechnology (NASDAQ:BIB) was the target of a large decline in short interest in March. As of March 13th, there was short interest totaling 11,805 shares, a decline of 39.8% from the February 26th total of 19,619 shares. Based on an average daily volume of 13,601 shares, the days-to-cover ratio is currently 0.9 days. Approximately 1.1% of the shares of the company are sold short.

Institutional Investors Weigh In On ProShares Ultra Nasdaq Biotechnology

A number of large investors have recently added to or reduced their stakes in the stock. Kaizen Financial Strategies bought a new position in ProShares Ultra Nasdaq Biotechnology during the 4th quarter worth $424,000. Citadel Advisors LLC acquired a new stake in shares of ProShares Ultra Nasdaq Biotechnology during the 3rd quarter worth $307,000. Palumbo Wealth Management LLC acquired a new stake in shares of ProShares Ultra Nasdaq Biotechnology during the 3rd quarter worth $766,000. 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 worth $630,000 after purchasing an additional 13,443 shares during the period. Finally, Franklin Resources Inc. acquired a new position in ProShares Ultra Nasdaq Biotechnology in the second quarter valued at about $32,000.

ProShares Ultra Nasdaq Biotechnology Stock Down 5.9%

NASDAQ BIB opened at $73.81 on Friday. The firm has a 50-day moving average price of $83.35 and a two-hundred day moving average price of $76.30. ProShares Ultra Nasdaq Biotechnology has a 12-month low of $33.78 and a 12-month high of $90.90. The company has a market capitalization of $77.50 million, a P/E ratio of 20.68 and a beta of 1.38.

ProShares Ultra Nasdaq Biotechnology Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Wednesday, March 25th will be given a $0.0071 dividend. This represents a $0.03 dividend on an annualized basis and a dividend yield of 0.0%. The ex-dividend date is Wednesday, March 25th.

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. The Fund does not seek to achieve its stated investment objective over a period of time greater than one day.