ProShares Ultra Financials (NYSEARCA:UYG) Hits New 52-Week High – Time to Buy?

ProShares Ultra Financials (NYSEARCA:UYG) shares hit a new 52-week high on Wednesday . The stock traded as high as $78.20 and last traded at $77.98, with a volume of 8031 shares trading hands. The stock had previously closed at $76.53.

ProShares Ultra Financials Stock Performance

The firm has a 50-day moving average of $73.52 and a two-hundred day moving average of $68.41.

Hedge Funds Weigh In On ProShares Ultra Financials

Large investors have recently modified their holdings of the stock. Parisi Gray Wealth Management bought a new position in ProShares Ultra Financials during the 3rd quarter worth about $207,000. Lazari Capital Management Inc. acquired a new stake in shares of ProShares Ultra Financials in the first quarter valued at approximately $240,000. Citizens Financial Group Inc. RI acquired a new position in ProShares Ultra Financials in the first quarter valued at about $247,000. Arkadios Wealth Advisors bought a new position in ProShares Ultra Financials in the second quarter valued at approximately $346,000. Finally, Hamilton Wealth LLC acquired a new position in ProShares Ultra Financials during the first quarter worth about $1,712,000.

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.