ProShares UltraPro Short S&P 500 (NYSEARCA:SPXU) Shares Gap Up – Here’s Why

ProShares UltraPro Short S&P 500 (NYSEARCA:SPXU) shares gapped up prior to trading on Friday . The stock had previously closed at $13.21, but opened at $13.64. ProShares UltraPro Short S&P 500 shares last traded at $13.2450, with a volume of 13,487,716 shares traded.

ProShares UltraPro Short S&P 500 Stock Performance

The firm’s 50 day simple moving average is $13.50 and its 200 day simple moving average is $16.26.

Shares of ProShares UltraPro Short S&P 500 are going to reverse split on the morning of Thursday, November 20th. The 1-4 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the closing bell on Wednesday, November 19th.

Institutional Trading of ProShares UltraPro Short S&P 500

Several institutional investors have recently added to or reduced their stakes in the company. Larson Financial Group LLC boosted its position in shares of ProShares UltraPro Short S&P 500 by 146.0% during the first quarter. Larson Financial Group LLC now owns 10,968 shares of the exchange traded fund’s stock valued at $280,000 after buying an additional 6,510 shares during the period. Simplex Trading LLC lifted its stake in shares of ProShares UltraPro Short S&P 500 by 338.2% during the 1st quarter. Simplex Trading LLC now owns 48,683 shares of the exchange traded fund’s stock worth $1,242,000 after acquiring an additional 37,574 shares during the last quarter. Kovitz Investment Group Partners LLC purchased a new position in ProShares UltraPro Short S&P 500 during the 1st quarter valued at $5,441,000. Flow Traders U.S. LLC bought a new position in ProShares UltraPro Short S&P 500 in the 1st quarter valued at $840,000. Finally, Jump Financial LLC bought a new position in ProShares UltraPro Short S&P 500 in the 1st quarter valued at $17,505,000.

About ProShares UltraPro Short S&P 500

The Fund seeks daily investment results that correspond to triple the inverse of the daily performance of the Index. The Fund invests in derivatives that it believes should have similar daily return characteristics as triple the inverse of the daily performance of the Index.