ProShares UltraShort S&P500 (NYSEARCA:SDS) Shares Gap Up – Should You Buy?

ProShares UltraShort S&P500 (NYSEARCA:SDS)’s share price gapped up before the market opened on Friday . The stock had previously closed at $23.07, but opened at $24.31. ProShares UltraShort S&P500 shares last traded at $24.99, with a volume of 7,308,114 shares trading hands.

ProShares UltraShort S&P500 Stock Up 12.1 %

The company’s 50 day moving average price is $20.09 and its two-hundred day moving average price is $19.90.

ProShares UltraShort S&P500 Cuts Dividend

The firm also recently declared a dividend, which was paid on Tuesday, April 1st. Stockholders of record on Wednesday, March 26th were paid a dividend of $0.2335 per share. The ex-dividend date of this dividend was Wednesday, March 26th.

Hedge Funds Weigh In On ProShares UltraShort S&P500

A number of institutional investors have recently bought and sold shares of SDS. JPMorgan Chase & Co. lifted its holdings in ProShares UltraShort S&P500 by 11.3% during the third quarter. JPMorgan Chase & Co. now owns 8,085 shares of the real estate investment trust’s stock valued at $167,000 after purchasing an additional 820 shares in the last quarter. IMC Chicago LLC lifted its stake in shares of ProShares UltraShort S&P500 by 268.9% during the 4th quarter. IMC Chicago LLC now owns 362,765 shares of the real estate investment trust’s stock valued at $7,136,000 after buying an additional 264,432 shares in the last quarter. Tidal Investments LLC boosted its holdings in ProShares UltraShort S&P500 by 60.9% in the 3rd quarter. Tidal Investments LLC now owns 31,800 shares of the real estate investment trust’s stock worth $656,000 after buying an additional 12,036 shares during the period. Simplex Trading LLC raised its holdings in ProShares UltraShort S&P500 by 218.6% during the fourth quarter. Simplex Trading LLC now owns 27,341 shares of the real estate investment trust’s stock valued at $537,000 after acquiring an additional 18,760 shares during the period. Finally, Beacon Harbor Wealth Advisors Inc. bought a new position in shares of ProShares UltraShort S&P500 in the fourth quarter worth about $275,000.

About ProShares UltraShort S&P500

ProShares UltraShort S&P500 (the Fund) seeks daily investment results that correspond to twice (200%) the inverse (opposite) of the daily performance of the S&P 500 (the Index). The Index is a measure of large-cap the United States stock market performance. It is a float-adjusted, market capitalization-weighted index of 500 United States operating companies and real estate investment trusts selected through a process that factors criteria, such as liquidity, price, market capitalization and financial viability.