ProShares UltraShort Materials (NYSEARCA:SMN) Sees Large Decline in Short Interest

ProShares UltraShort Materials (NYSEARCA:SMN) was the target of a large decrease in short interest in the month of August. As of August 14th, there was short interest totaling 1,661 shares, a decrease of 75.1% from the July 30th total of 6,665 shares. Based on an average daily trading volume, of 2,236 shares, the days-to-cover ratio is presently 0.7 days. Approximately 0.8% of the company’s stock are short sold.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in ProShares UltraShort Materials stock. Susquehanna International Group LLP purchased a new stake in ProShares UltraShort Materials (NYSEARCA:SMN) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 11,010 shares of the company’s stock, valued at approximately $150,000. Susquehanna International Group LLP owned approximately 18.35% of ProShares UltraShort Materials as of its most recent filing with the SEC.

ProShares UltraShort Materials Stock Performance

Shares of ProShares UltraShort Materials stock traded up $0.29 during trading on Thursday, hitting $18.45. 432 shares of the stock traded hands, compared to its average volume of 7,014. ProShares UltraShort Materials has a 52-week low of $17.93 and a 52-week high of $31.02. The stock’s fifty day simple moving average is $19.65 and its 200 day simple moving average is $20.18.

About ProShares UltraShort Materials

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.