ProShares Short Basic Materials (NYSEARCA:SBM) Shares Pass Above 50 Day Moving Average of $18.87

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ProShares Short Basic Materials (NYSEARCA:SBM) crossed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $18.87 and traded as high as $18.32. ProShares Short Basic Materials shares last traded at $18.25, with a volume of 400 shares changing hands.

The stock’s 50 day simple moving average is $18.88 and its two-hundred day simple moving average is $18.74.

A hedge fund recently bought a new stake in ProShares Short Basic Materials stock. Jane Street Group LLC bought a new stake in shares of ProShares Short Basic Materials (NYSEARCA:SBM) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 25,101 shares of the company’s stock, valued at approximately $452,000. Jane Street Group LLC owned approximately 25.10% of ProShares Short Basic Materials as of its most recent filing with the Securities and Exchange Commission (SEC).

About ProShares Short Basic Materials (NYSEARCA:SBM)

ProShares Short Basic Materials (the Fund) seeks daily investment results that correspond to the inverse (opposite) of the daily performance of 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. The Fund invests in derivatives as a substitute for directly shorting stocks in order to gain inverse exposure to the Index.

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