ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) Short Interest Down 46.0% in March

ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) saw a significant drop in short interest in the month of March. As of March 31st, there was short interest totaling 3,892,807 shares, a drop of 46.0% from the March 15th total of 7,208,206 shares. Based on an average daily volume of 42,983,049 shares, the days-to-cover ratio is currently 0.1 days. Approximately 3.0% of the shares of the company are sold short.

Institutional Trading of ProShares UltraShort Bloomberg Crude Oil

Hedge funds have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. acquired a new stake in ProShares UltraShort Bloomberg Crude Oil in the third quarter valued at approximately $61,000. Raymond James Financial Inc. acquired a new position in shares of ProShares UltraShort Bloomberg Crude Oil during the second quarter worth $70,000. Group One Trading LLC lifted its holdings in shares of ProShares UltraShort Bloomberg Crude Oil by 99.5% during the fourth quarter. Group One Trading LLC now owns 31,554 shares of the exchange traded fund’s stock worth $619,000 after purchasing an additional 15,738 shares during the period. Corigliano Investment Advisers LLC acquired a new position in shares of ProShares UltraShort Bloomberg Crude Oil during the fourth quarter worth $941,000. Finally, Tower Research Capital LLC TRC lifted its holdings in shares of ProShares UltraShort Bloomberg Crude Oil by 33.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 52,266 shares of the exchange traded fund’s stock worth $1,025,000 after purchasing an additional 13,212 shares during the period.

ProShares UltraShort Bloomberg Crude Oil Stock Performance

NYSEARCA:SCO traded down $0.42 during mid-day trading on Monday, reaching $7.65. The stock had a trading volume of 67,668,029 shares, compared to its average volume of 21,347,723. The stock has a 50-day simple moving average of $11.56 and a two-hundred day simple moving average of $16.09. ProShares UltraShort Bloomberg Crude Oil has a 12 month low of $7.40 and a 12 month high of $23.33.

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.