Short Interest in ProShares Ultra Semiconductors Surges 56.4%
Short interest in ProShares Ultra Semiconductors (NYSEARCA:USD) increased significantly in December 2023. As of December 15, the total short interest reached 790,754 shares, reflecting a sharp rise of 56.4% from the previous total of 505,511 shares reported on November 30. This represents approximately 2.5% of the stock’s outstanding shares.
With an average daily trading volume of 734,742 shares, the days-to-cover ratio currently stands at 1.1 days. This ratio indicates the estimated number of days it would take to cover all short positions based on the stock’s trading volume.
Performance Overview of ProShares Ultra Semiconductors
On Wednesday, ProShares Ultra Semiconductors opened at $53.45 per share. The company holds a market capitalization of approximately $1.68 billion and has a price-to-earnings (P/E) ratio of 40.05. Its beta is noted at 3.25, suggesting higher volatility compared to the broader market. The stock’s fifty-day moving average price is recorded at $53.67, while the 200-day moving average stands at $46.99. Over the past year, the stock has experienced a low of $12.56 and a high of $64.89.
Institutional Investments and Market Activity
Several institutional investors and hedge funds have recently adjusted their positions in ProShares Ultra Semiconductors. Notably, Guerra Advisors Inc. acquired a new stake valued at approximately $26,000 during the third quarter. Similarly, Quintet Private Bank Europe S.A. purchased shares worth about $31,000 in the second quarter. Franklin Resources Inc. also entered the market with a new position valued at approximately $61,000 during the same period.
Qube Research & Technologies Ltd made a significant investment in the third quarter, acquiring shares valued at around $64,000. Additionally, Bank of America Corp DE boosted its stake by 100% in the fourth quarter, now owning 1,050 shares worth $68,000 after acquiring an additional 525 shares.
ProShares Ultra Semiconductors aims to achieve daily investment results that correspond to twice (200%) the daily performance of the Dow Jones U.S. Semiconductor Index. The fund typically invests at least 80% of its net assets in equity securities that comprise the index, along with other financial instruments reflecting similar economic characteristics. Uninvested assets are allocated to debt instruments and money market instruments.
Investors and analysts will continue to monitor the performance of ProShares Ultra Semiconductors closely, particularly in light of the recent increase in short interest and institutional investments.
