ProShares UltraPro Short S&P 500 (NYSEARCA:SPXU) Shares Gap Up – Should You Buy?

Shares of ProShares UltraPro Short S&P 500 (NYSEARCA:SPXU) gapped up before the market opened on Tuesday . The stock had previously closed at $37.77, but opened at $39.40. ProShares UltraPro Short S&P 500 shares last traded at $38.7470, with a volume of 2,496,539 shares changing hands.

ProShares UltraPro Short S&P 500 Price Performance

The business’s fifty day simple moving average is $40.10 and its two-hundred day simple moving average is $46.94.

Hedge Funds Weigh In On ProShares UltraPro Short S&P 500

Institutional investors and hedge funds have recently modified their holdings of the business. Jump Financial LLC raised its holdings in ProShares UltraPro Short S&P 500 by 25.4% in the 3rd quarter. Jump Financial LLC now owns 547,150 shares of the exchange traded fund’s stock worth $7,392,000 after purchasing an additional 110,880 shares during the period. JPMorgan Chase & Co. grew its holdings in ProShares UltraPro Short S&P 500 by 16,249.3% in the third quarter. JPMorgan Chase & Co. now owns 322,244 shares of the exchange traded fund’s stock valued at $4,354,000 after purchasing an additional 320,273 shares during the period. IMC Chicago LLC acquired a new stake in ProShares UltraPro Short S&P 500 in the first quarter valued at approximately $17,942,000. Tower Research Capital LLC TRC increased its position in shares of ProShares UltraPro Short S&P 500 by 208.9% in the third quarter. Tower Research Capital LLC TRC now owns 166,275 shares of the exchange traded fund’s stock valued at $2,246,000 after buying an additional 112,444 shares in the last quarter. Finally, Clough Capital Partners L P acquired a new position in shares of ProShares UltraPro Short S&P 500 during the 2nd quarter worth approximately $2,011,000.

ProShares UltraPro Short S&P 500 Company Profile

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.