ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) Hits New 52-Week Low – Here’s What Happened

ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO)’s share price reached a new 52-week low during trading on Tuesday . The company traded as low as $22.62 and last traded at $22.83, with a volume of 6459826 shares traded. The stock had previously closed at $23.97.

ProShares UltraShort Bloomberg Crude Oil Price Performance

The firm has a 50 day simple moving average of $28.89 and a 200-day simple moving average of $32.88.

Hedge Funds Weigh In On ProShares UltraShort Bloomberg Crude Oil

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cassaday & Co Wealth Management LLC acquired a new stake in shares of ProShares UltraShort Bloomberg Crude Oil during the 1st quarter worth about $30,000. JPMorgan Chase & Co. acquired a new stake in shares of ProShares UltraShort Bloomberg Crude Oil in the third quarter valued at approximately $61,000. Raymond James Financial Inc. bought a new stake in shares of ProShares UltraShort Bloomberg Crude Oil in the second quarter valued at approximately $70,000. Waverly Advisors LLC acquired a new stake in ProShares UltraShort Bloomberg Crude Oil during the first quarter worth approximately $83,000. Finally, Simplicity Wealth LLC acquired a new stake in ProShares UltraShort Bloomberg Crude Oil during the first quarter worth approximately $91,000.

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.