ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) Shares Gap Down – What’s Next?

ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO)’s share price gapped down before the market opened on Wednesday. The stock had previously closed at $20.36, but opened at $19.64. ProShares UltraShort Bloomberg Crude Oil shares last traded at $19.68, with a volume of 1,658,195 shares changing hands.

ProShares UltraShort Bloomberg Crude Oil Stock Performance

The stock’s 50-day moving average is $24.12 and its two-hundred day moving average is $27.92.

Institutional Investors Weigh In On ProShares UltraShort Bloomberg Crude Oil

Large investors have recently made changes to their positions in the company. Brookstone Capital Management bought a new stake in shares of ProShares UltraShort Bloomberg Crude Oil in the 1st quarter worth about $8,930,000. Talon Private Wealth LLC bought a new stake in ProShares UltraShort Bloomberg Crude Oil in the first quarter worth $8,517,000. Spectrum Financial Alliance Ltd LLC bought a new stake in ProShares UltraShort Bloomberg Crude Oil in the first quarter worth $5,611,000. Group One Trading LLC boosted its stake in ProShares UltraShort Bloomberg Crude Oil by 607.7% during the first quarter. Group One Trading LLC now owns 223,321 shares of the exchange traded fund’s stock worth $1,858,000 after buying an additional 191,767 shares during the period. Finally, Integrated Investment Consultants LLC purchased a new position in ProShares UltraShort Bloomberg Crude Oil during the first quarter worth $946,000.

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.