Short Interest in ProShares UltraShort Financials (NYSEARCA:SKF) Grows By 296.5%

ProShares UltraShort Financials (NYSEARCA:SKF) was the recipient of a significant growth in short interest during the month of July. As of July 15th, there was short interest totaling 25,191 shares, a growth of 296.5% from the June 30th total of 6,354 shares. Based on an average trading volume of 22,161 shares, the days-to-cover ratio is presently 1.1 days. Currently, 5.7% of the company’s shares are short sold.

Hedge Funds Weigh In On ProShares UltraShort Financials

Several hedge funds and other institutional investors have recently modified their holdings of SKF. Northwestern Mutual Wealth Management Co. grew its holdings in shares of ProShares UltraShort Financials by 20,938.7% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 6,522 shares of the company’s stock worth $166,000 after purchasing an additional 6,491 shares during the period. Tower Research Capital LLC TRC raised its holdings in ProShares UltraShort Financials by 72.8% in the third quarter. Tower Research Capital LLC TRC now owns 23,913 shares of the company’s stock valued at $633,000 after buying an additional 10,073 shares during the period. Finally, Group One Trading LLC acquired a new position in ProShares UltraShort Financials during the second quarter valued at approximately $37,000.

ProShares UltraShort Financials Price Performance

SKF stock traded down $0.36 during trading on Friday, reaching $23.71. 10,648 shares of the stock traded hands, compared to its average volume of 28,968. The business’s 50 day moving average price is $26.16 and its 200-day moving average price is $27.58. ProShares UltraShort Financials has a 52-week low of $23.20 and a 52-week high of $33.06.

About ProShares UltraShort Financials

ProShares UltraShort Financials (the Fund) seeks daily investment results that correspond to twice the inverse daily performance of the Dow Jones U.S. Financials Index (the Index). The Index measures the performance of the financial services industry of the United States equity market. Component companies include regional banks; United States-domiciled international banks; full line, life and property and casualty insurance companies; companies that invest directly or indirectly in real estate; diversified financial companies, such as Federal National Mortgage Association, credit card issuers and investment advisers; securities brokers and dealers, including investment banks, merchant banks and online brokers, and publicly traded stock exchanges.