ProShares UltraShort Materials (NYSEARCA:SMN) Short Interest Down 39.9% in April

ProShares UltraShort Materials (NYSEARCA:SMN) was the target of a large drop in short interest during the month of April. As of April 30th, there was short interest totaling 3,384 shares, a drop of 39.9% from the April 15th total of 5,626 shares. Based on an average trading volume of 6,247 shares, the days-to-cover ratio is presently 0.5 days. Currently, 1.1% of the company’s shares are sold short.

Institutional Investors Weigh In On ProShares UltraShort Materials

An institutional investor recently bought a new position in ProShares UltraShort Materials stock. Susquehanna International Group LLP acquired a new position in ProShares UltraShort Materials (NYSEARCA:SMN) during the third quarter, according to its most recent filing with the SEC. The firm acquired 11,010 shares of the company’s stock, valued at approximately $150,000. Susquehanna International Group LLP owned about 18.35% of ProShares UltraShort Materials as of its most recent filing with the SEC.

ProShares UltraShort Materials Price Performance

SMN traded up $0.51 on Friday, hitting $10.49. 32,853 shares of the company were exchanged, compared to its average volume of 16,588. The firm has a fifty day simple moving average of $10.45 and a two-hundred day simple moving average of $11.71. ProShares UltraShort Materials has a 12 month low of $9.23 and a 12 month high of $15.51.

ProShares UltraShort Materials shares are set to reverse split before the market opens on Thursday, May 28th. The 1-2 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the closing bell on Wednesday, May 27th.

ProShares UltraShort Materials Company Profile

ProShares UltraShort Basic Materials (the Fund) seeks daily investment results that correspond to twice the inverse daily performance of the Dow Jones U.S. Basic Materials Index (the Index). The Index measures the performance of the basic materials industry of the United States equity market. Component companies are involved in the production of aluminum, steel, non-ferrous metals, commodity chemicals, specialty chemicals, forest products, paper products, as well as the mining of precious metals and coal.