ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) Shares Gap Up – Time to Buy?

ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO)’s stock price gapped up before the market opened on Monday. The stock had previously closed at $15.65, but opened at $16.78. ProShares UltraShort Bloomberg Crude Oil shares last traded at $16.94, with a volume of 3,101,695 shares.

ProShares UltraShort Bloomberg Crude Oil Stock Performance

The company has a 50 day simple moving average of $19.87 and a two-hundred day simple moving average of $33.20.

Hedge Funds Weigh In On ProShares UltraShort Bloomberg Crude Oil

Institutional investors and hedge funds have recently bought and sold shares of the business. Talon Private Wealth LLC acquired a new position in ProShares UltraShort Bloomberg Crude Oil in the 1st quarter valued at about $8,517,000. Spectrum Financial Alliance Ltd LLC purchased a new stake in shares of ProShares UltraShort Bloomberg Crude Oil in the 1st quarter valued at approximately $5,611,000. Group One Trading LLC raised its holdings in shares of ProShares UltraShort Bloomberg Crude Oil by 607.7% in the 1st quarter. Group One Trading LLC now owns 223,321 shares of the exchange traded fund’s stock valued at $1,858,000 after buying an additional 191,767 shares during the period. Integrated Investment Consultants LLC acquired a new stake in ProShares UltraShort Bloomberg Crude Oil during the 1st quarter worth approximately $946,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of ProShares UltraShort Bloomberg Crude Oil during the first quarter worth $832,000.

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.