Kennicott Capital Management LLC Makes New Investment in ProShares Ultra S&P500 $SSO

Kennicott Capital Management LLC purchased a new stake in shares of ProShares Ultra S&P500 (NYSEARCA:SSO) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 7,423 shares of the real estate investment trust’s stock, valued at approximately $515,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Legacy Wealth Partners LLC grew its position in shares of ProShares Ultra S&P500 by 377.2% during the third quarter. Legacy Wealth Partners LLC now owns 33,400 shares of the real estate investment trust’s stock worth $2,316,000 after acquiring an additional 26,401 shares during the last quarter. Spartan Planning & Wealth Management increased its holdings in shares of ProShares Ultra S&P500 by 96.5% in the 3rd quarter. Spartan Planning & Wealth Management now owns 12,212 shares of the real estate investment trust’s stock worth $847,000 after acquiring an additional 5,998 shares during the period. Castleview Partners LLC lifted its position in ProShares Ultra S&P500 by 64.2% in the 3rd quarter. Castleview Partners LLC now owns 7,611 shares of the real estate investment trust’s stock valued at $528,000 after purchasing an additional 2,976 shares during the last quarter. Balefire LLC bought a new stake in ProShares Ultra S&P500 in the 3rd quarter valued at about $874,000. Finally, Turner Capital Investments LLC bought a new stake in ProShares Ultra S&P500 in the 3rd quarter valued at about $39,489,000.

ProShares Ultra S&P500 Stock Up 0.5%

ProShares Ultra S&P500 stock opened at $70.82 on Friday. The firm has a 50-day moving average price of $70.55 and a two-hundred day moving average price of $66.77. The firm has a market capitalization of $9.04 billion, a price-to-earnings ratio of 24.25 and a beta of 2.01. ProShares Ultra S&P500 has a 52-week low of $48.63 and a 52-week high of $72.80.

Key ProShares Ultra S&P500 News

Here are the key news stories impacting ProShares Ultra S&P500 this week:

• Positive Sentiment: Historical analysis offers some support for the broader market outlook: after 40 of the 54 previous periods in which the S&P 500 went at least 50 trading days without a 1% decline, the index was higher one year later. That suggests the recent pullback does not automatically signal a prolonged selloff. The S&P 500 Went More Than 50 Trading Days Without a 1% Drop. That Streak Just Ended.
• Positive Sentiment: Strategists see significant upside potential, including a Citi year-end target of 8,100 for the S&P 500, provided more than half of the market stabilizes and participates in the advance. Such a move would be amplified by SSO’s daily leverage. Citi Says the S&P 500 Hits 8,100
• Neutral Sentiment: Strong earnings expectations, driven mainly by artificial-intelligence-linked technology and energy companies, remain a potential catalyst. However, the narrow source of earnings growth increases the market’s dependence on a small group of sectors. S&P 500’s march to 8,000 hinges on third quarter
• Negative Sentiment: The S&P 500 ended a 53-session run without a daily decline of at least 1%, while hot CPI and PPI data pushed Treasury yields higher and pressured semiconductor and other growth stocks. Persistent inflation could reduce expectations for Federal Reserve easing. S&P500: Hot CPI Puts Long-Term Yields Back in Control
• Negative Sentiment: Market breadth is a concern: roughly 84% of S&P 500 constituents are in correction territory despite the index remaining near a record. This divergence raises the risk of greater volatility and is especially important for leveraged SSO investors. A Staggering 84% of S&P 500 Stocks Are Now in Correction Territory

About ProShares Ultra S&P500

ProShares Ultra S&P500 (the Fund), formerly Ultra S&P500 ProShares, seeks daily investment results that correspond to twice (200%) the daily performance of the S&P 500 Index. The S&P 500 Index is a measure of large-cap United States stock market performance. It is a float-adjusted market capitalization weighted index of 500 United States operating companies and real estate investment trusts (REITs) selected by the S&P U.S. Index Committee through a non-mechanical process that factors criteria, such as liquidity, price, market capitalization and financial viability.