ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) Sets New 12-Month Low – Here’s Why

ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) shares hit a new 52-week low on Wednesday . The company traded as low as $6.87 and last traded at $6.99, with a volume of 42469790 shares changing hands. The stock had previously closed at $7.17.

ProShares UltraShort Bloomberg Crude Oil Stock Performance

The company has a 50-day simple moving average of $9.24 and a 200-day simple moving average of $15.13.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. JPMorgan Chase & Co. purchased a new position in ProShares UltraShort Bloomberg Crude Oil in the third quarter worth $61,000. Raymond James Financial Inc. acquired a new position in shares of ProShares UltraShort Bloomberg Crude Oil during the 2nd quarter worth $70,000. Bogart Wealth LLC acquired a new position in shares of ProShares UltraShort Bloomberg Crude Oil during the 1st quarter worth $191,000. Group One Trading LLC increased its holdings in shares of ProShares UltraShort Bloomberg Crude Oil by 99.5% in the 4th quarter. Group One Trading LLC now owns 31,554 shares of the exchange traded fund’s stock valued at $619,000 after purchasing an additional 15,738 shares in the last quarter. Finally, Corigliano Investment Advisers LLC purchased a new position in shares of ProShares UltraShort Bloomberg Crude Oil in the 4th quarter valued at about $941,000.

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.