ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) Reaches New 12-Month Low – Should You Sell?

ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) shares reached a new 52-week low on Thursday . The stock traded as low as $19.35 and last traded at $19.39, with a volume of 2989752 shares traded. The stock had previously closed at $20.31.

ProShares UltraShort Bloomberg Crude Oil Stock Down 2.5%

The stock’s fifty day simple moving average is $24.71 and its 200-day simple moving average is $28.50.

Institutional Trading of ProShares UltraShort Bloomberg Crude Oil

Several hedge funds have recently made changes to their positions in the stock. Cassaday & Co Wealth Management LLC bought a new position in ProShares UltraShort Bloomberg Crude Oil during the 1st quarter worth $30,000. Waverly Advisors LLC acquired a new position in shares of ProShares UltraShort Bloomberg Crude Oil during the first quarter valued at $83,000. Simplicity Wealth LLC acquired a new position in shares of ProShares UltraShort Bloomberg Crude Oil during the first quarter valued at $91,000. Arkadios Wealth Advisors bought a new position in shares of ProShares UltraShort Bloomberg Crude Oil during the first quarter worth about $108,000. Finally, NewEdge Advisors LLC bought a new position in shares of ProShares UltraShort Bloomberg Crude Oil during the first quarter worth about $144,000.

ProShares UltraShort Bloomberg Crude Oil Company Profile

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.