ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) Sets New 52-Week Low – What’s Next?

Shares of ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) hit a new 52-week low during mid-day trading on Tuesday. The company traded as low as $17.69 and last traded at $17.88, with a volume of 6,340,813 shares changing hands. The stock had previously closed at $18.62.

ProShares UltraShort Bloomberg Crude Oil Stock Up 0.1%

The stock’s fifty day moving average price is $22.13 and its 200-day moving average price is $26.79.

Hedge Funds Weigh In On ProShares UltraShort Bloomberg Crude Oil

A number of institutional investors have recently bought and sold shares of SCO. Brookstone Capital Management bought a new stake in ProShares UltraShort Bloomberg Crude Oil in the first quarter valued at approximately $8,930,000. Talon Private Wealth LLC acquired a new stake in shares of ProShares UltraShort Bloomberg Crude Oil in the first quarter valued at approximately $8,517,000. Spectrum Financial Alliance Ltd LLC bought a new position in shares of ProShares UltraShort Bloomberg Crude Oil during the 1st quarter worth approximately $5,611,000. Group One Trading LLC boosted its stake in shares of ProShares UltraShort Bloomberg Crude Oil by 607.7% during the 1st quarter. Group One Trading LLC now owns 223,321 shares of the exchange traded fund’s stock worth $1,858,000 after acquiring an additional 191,767 shares during the period. Finally, Integrated Investment Consultants LLC bought a new position in shares of ProShares UltraShort Bloomberg Crude Oil during the 1st quarter worth approximately $946,000.

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.