ProShares UltraPro Dow30 (NYSEARCA:UDOW) Sees Large Drop in Short Interest

ProShares UltraPro Dow30 (NYSEARCA:UDOW) was the target of a significant drop in short interest in March. As of March 13th, there was short interest totaling 826,936 shares, a drop of 34.2% from the February 26th total of 1,257,580 shares. Based on an average daily trading volume, of 5,297,890 shares, the days-to-cover ratio is presently 0.2 days. Currently, 6.6% of the company’s stock are sold short.

ProShares UltraPro Dow30 Stock Performance

Shares of NYSEARCA:UDOW traded down $2.59 during mid-day trading on Friday, hitting $46.55. 7,649,569 shares of the company traded hands, compared to its average volume of 4,837,332. The firm’s 50 day simple moving average is $58.31 and its 200 day simple moving average is $56.91. The firm has a market cap of $584.20 million, a P/E ratio of 20.47 and a beta of 2.79. ProShares UltraPro Dow30 has a 52-week low of $28.45 and a 52-week high of $66.21.

ProShares UltraPro Dow30 Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Wednesday, March 25th will be given a $0.1437 dividend. The ex-dividend date of this dividend is Wednesday, March 25th. This represents a $0.57 annualized dividend and a yield of 1.2%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. World Investment Advisors grew its stake in ProShares UltraPro Dow30 by 109.0% during the 4th quarter. World Investment Advisors now owns 13,556 shares of the company’s stock valued at $785,000 after purchasing an additional 7,069 shares in the last quarter. Corient Private Wealth LLC raised its position in shares of ProShares UltraPro Dow30 by 72.6% in the 4th quarter. Corient Private Wealth LLC now owns 24,030 shares of the company’s stock valued at $1,392,000 after purchasing an additional 10,110 shares in the last quarter. NewEdge Advisors LLC raised its position in shares of ProShares UltraPro Dow30 by 100.0% in the 4th quarter. NewEdge Advisors LLC now owns 470 shares of the company’s stock valued at $27,000 after purchasing an additional 235 shares in the last quarter. Empowered Funds LLC boosted its stake in shares of ProShares UltraPro Dow30 by 58.2% during the 4th quarter. Empowered Funds LLC now owns 5,913 shares of the company’s stock valued at $342,000 after buying an additional 2,175 shares during the last quarter. Finally, XTX Topco Ltd purchased a new position in shares of ProShares UltraPro Dow30 during the 4th quarter valued at approximately $326,000.

About ProShares UltraPro Dow30

ProShares UltraPro Dow30 seeks daily investment results, before fees and expenses, that correspond to triple (300%) the daily performance of the Dow Jones Industrial Average Index. The Fund invests in equity securities and derivatives that have similar daily performance characteristics as three times (300%) the daily return of the Index. The Index includes 30 large-cap, blue-chip United States stocks, excluding utility and transportation companies. The Fund invests in common stock issued by public companies.