ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) Hits New 1-Year Low – Here’s Why

ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO)’s share price hit a new 52-week low during mid-day trading on Monday . The company traded as low as $6.00 and last traded at $6.01, with a volume of 13486492 shares. The stock had previously closed at $6.03.

ProShares UltraShort Bloomberg Crude Oil Price Performance

The stock’s fifty day moving average price is $7.92 and its two-hundred day moving average price is $14.28.

ProShares UltraShort Bloomberg Crude Oil’s stock is going to reverse split on Thursday, May 28th. The 1-4 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the market closes on Wednesday, May 27th.

Institutional Investors Weigh In On ProShares UltraShort Bloomberg Crude Oil

A number of hedge funds and other institutional investors have recently modified their holdings of SCO. Jump Financial LLC acquired a new stake in shares of ProShares UltraShort Bloomberg Crude Oil in the 2nd quarter valued at $3,076,000. Raymond James Financial Inc. acquired a new stake in ProShares UltraShort Bloomberg Crude Oil during the 2nd quarter worth $70,000. Group One Trading LLC raised its stake in ProShares UltraShort Bloomberg Crude Oil by 64.4% during the 2nd quarter. Group One Trading LLC now owns 56,155 shares of the exchange traded fund’s stock worth $1,014,000 after acquiring an additional 21,999 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in ProShares UltraShort Bloomberg Crude Oil by 237.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 64,182 shares of the exchange traded fund’s stock worth $1,159,000 after acquiring an additional 45,164 shares in the last quarter. Finally, JPMorgan Chase & Co. acquired a new stake in ProShares UltraShort Bloomberg Crude Oil during the 3rd quarter worth $61,000.

About ProShares UltraShort Bloomberg Crude Oil

The ProShares UltraShort Bloomberg Crude Oil (SCO) is an exchange-traded fund that is based on the Bloomberg WTI Crude Oil Subindex index. The fund provides -2x the daily return of an index of futures contracts on light sweet crude oil. SCO was launched on Nov 24, 2008 and is managed by ProShares.