Short Interest in ProShares UltraShort Financials (NYSEARCA:SKF) Rises By 134.1%

ProShares UltraShort Financials (NYSEARCA:SKF) was the recipient of a significant increase in short interest in April. As of April 30th, there was short interest totaling 6,253 shares, an increase of 134.1% from the April 15th total of 2,671 shares. Approximately 1.1% of the company’s stock are sold short. Based on an average trading volume of 30,584 shares, the days-to-cover ratio is currently 0.2 days.

Hedge Funds Weigh In On ProShares UltraShort Financials

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SKF. Group One Trading LLC bought a new position in ProShares UltraShort Financials during the second quarter valued at approximately $37,000. Tower Research Capital LLC TRC raised its position in shares of ProShares UltraShort Financials by 907.3% in the second quarter. Tower Research Capital LLC TRC now owns 13,840 shares of the company’s stock valued at $388,000 after purchasing an additional 12,466 shares during the period. Finally, Northwestern Mutual Wealth Management Co. raised its position in shares of ProShares UltraShort Financials by 20,938.7% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 6,522 shares of the company’s stock valued at $166,000 after purchasing an additional 6,491 shares during the period.

ProShares UltraShort Financials Price Performance

SKF traded up $0.19 during midday trading on Friday, hitting $28.92. 19,914 shares of the company’s stock traded hands, compared to its average volume of 35,611. The stock’s fifty day simple moving average is $29.57 and its 200-day simple moving average is $27.87. ProShares UltraShort Financials has a one year low of $23.86 and a one year 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.