Shares of ProShares UltraShort Materials (NYSEARCA:SMN – Free Report) are set to reverse split on the morning of Thursday, November 7th. The 1-2 reverse split was announced on Monday, October 28th. The number of shares owned by shareholders will be adjusted after the closing bell on Wednesday, November 6th.
ProShares UltraShort Materials Stock Performance
Shares of ProShares UltraShort Materials stock opened at $6.87 on Tuesday. ProShares UltraShort Materials has a 1 year low of $6.22 and a 1 year high of $10.60. The firm’s 50-day simple moving average is $6.75 and its 200-day simple moving average is $7.21.
Institutional Investors Weigh In On ProShares UltraShort Materials
An institutional investor recently bought a new position in ProShares UltraShort Materials stock. CPR Investments Inc. purchased a new position in shares of ProShares UltraShort Materials (NYSEARCA:SMN – Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 22,759 shares of the company’s stock, valued at approximately $177,000. CPR Investments Inc. owned 16.85% of ProShares UltraShort Materials at the end of the most recent quarter.
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.
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