ProShares Ultra Nasdaq Biotechnology (NASDAQ:BIB) Experiences Significant Short Interest Decline

ProShares Ultra Nasdaq Biotechnology (NASDAQ:BIB - Get Free Report) has witnessed a substantial decrease in short interest during March. As of March 15th, the total short interest stood at 2,400 shares, marking a significant decline of 82.9% from the February 28th figure of 14,000 shares. Given the average trading volume of 9,200 shares, the current days-to-cover ratio is 0.3 days. Presently, only 0.2% of the company's stock is being sold short.

Hedge Funds Weigh In On ProShares Ultra Nasdaq Biotechnology

Several large investors have recently adjusted their holdings in ProShares Ultra Nasdaq Biotechnology. Jane Street Group LLC increased its stake by 8.4% during the third quarter, now owning 4,803 shares worth $306,000 after purchasing an additional 374 shares in the last quarter. Crowley Wealth Management Inc. acquired a new position in the ETF in the fourth quarter, valued at approximately $51,000. Additionally, Tower Research Capital LLC TRC boosted its stake by 31.2% in the fourth quarter, bringing their total to 5,326 shares valued at $270,000 after acquiring 1,266 more shares during the same period.

ProShares Ultra Nasdaq Biotechnology Stock Performance

During mid-day trading on Wednesday, NASDAQ BIB saw a decline of $1.66, reaching a value of $50.63. About 4,873 shares changed hands, compared to the average volume of 14,834 shares. The stock has a market capitalization of $59.74 million, a PE ratio of 26.77, and a beta of 1.63. The stock reached a one-year low of $47.20 and a high of $69.56 during this period. The fifty-day simple moving average is $54.24, while the 200-day average stands at $57.55.

ProShares Ultra Nasdaq Biotechnology Cuts Dividend

The company also recently announced a quarterly dividend, to be paid on Tuesday, April 1st. Shareholders of record as of Wednesday, March 26th, will receive a dividend of $0.1309 per share. This amounts to an annualized dividend of $0.52, providing a dividend yield of 1.03%. The ex-dividend date is also set for March 26th.

ProShares Ultra Nasdaq Biotechnology Company Profile

ProShares Ultra Nasdaq Biotechnology aims for daily investment results that correspond to twice (200%) the daily performance of its index before fees and expenses. The fund's return over a period longer than a single day may diverge substantially from the intended performance due to the effects of compounding.

Should You Invest $1,000 in ProShares Ultra Nasdaq Biotechnology Right Now?

Before considering an investment in ProShares Ultra Nasdaq Biotechnology, it is essential to note that current ratings from analysts suggest caution. MarketBeat reports that while this ETF holds a 'Hold' rating, there are five other stocks that top analysts recommend as better investment opportunities at this time.

ProShares, Biotechnology, Stocks