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

Shares of ProShares UltraShort Materials (NYSEARCA:SMN) are scheduled 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 market closes on Wednesday, November 6th.

ProShares UltraShort Materials Price Performance

Shares of SMN stock opened at $6.91 on Friday. The firm has a 50-day moving average price of $6.75 and a 200 day moving average price of $7.22. ProShares UltraShort Materials has a twelve month low of $6.22 and a twelve month high of $10.60.

Institutional Trading of ProShares UltraShort Materials

A hedge fund recently bought a new stake in ProShares UltraShort Materials stock. CPR Investments Inc. acquired a new stake in shares of ProShares UltraShort Materials (NYSEARCA:SMN) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 22,759 shares of the company’s stock, valued at approximately $177,000. CPR Investments Inc. owned about 16.85% of ProShares UltraShort Materials at the end of the most recent reporting period.

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.