ProShares Ultra Financials (NYSEARCA:UYG) Sets New 52-Week High – Still a Buy?

ProShares Ultra Financials (NYSEARCA:UYG)’s share price reached a new 52-week high during trading on Monday . The company traded as high as $99.92 and last traded at $99.40, with a volume of 6046 shares traded. The stock had previously closed at $98.26.

ProShares Ultra Financials Price Performance

The stock has a market capitalization of $873.34 million, a P/E ratio of 16.46 and a beta of 2.14. The stock has a fifty day moving average price of $92.18 and a 200 day moving average price of $85.95.

Institutional Investors Weigh In On ProShares Ultra Financials

A number of institutional investors and hedge funds have recently modified their holdings of the company. Envestnet Asset Management Inc. raised its position in shares of ProShares Ultra Financials by 250.1% in the fourth quarter. Envestnet Asset Management Inc. now owns 47,158 shares of the company’s stock worth $4,030,000 after buying an additional 33,688 shares in the last quarter. Waverly Advisors LLC purchased a new stake in shares of ProShares Ultra Financials in the 4th quarter valued at about $876,000. Jane Street Group LLC bought a new stake in shares of ProShares Ultra Financials during the 4th quarter valued at about $654,000. Freedom Investment Management Inc. bought a new stake in shares of ProShares Ultra Financials during the 4th quarter valued at about $612,000. Finally, Belvedere Trading LLC purchased a new position in shares of ProShares Ultra Financials during the third quarter worth about $407,000.

About ProShares Ultra Financials

ProShares Ultra Financials (the Fund) seeks daily investment results that correspond to twice the daily performance of the Dow Jones U.S. Financials Index. The Dow Jones U.S. Financials 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 credit card issuers, check cashing companies, mortgage lenders and investment advisers; securities brokers and dealers including investment banks, merchant banks and online brokers; and publicly traded stock exchanges.