ProShares UltraShort Materials (NYSEARCA:SMN) Shares Set to Reverse Split on Thursday, November 7th

ProShares UltraShort Materials (NYSEARCA:SMN)’s stock is set to reverse split before the market opens on 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 market closes on Wednesday, November 6th.

ProShares UltraShort Materials Trading Up 0.6 %

SMN opened at $6.91 on Friday. The firm’s 50 day moving average is $6.75 and its 200-day moving average is $7.22. ProShares UltraShort Materials has a 52-week low of $6.22 and a 52-week high of $10.60.

Hedge Funds 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 ProShares UltraShort Materials (NYSEARCA:SMN) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 22,759 shares of the company’s stock, valued at approximately $177,000. CPR Investments Inc. owned approximately 16.85% of ProShares UltraShort Materials as of its most recent filing with the Securities & Exchange Commission.

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.