ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) Shares Up 6.3% – Here’s Why

ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) shares were up 6.3% during mid-day trading on Friday . The stock traded as high as $35.90 and last traded at $35.90. 1,600,045 shares changed hands during trading, a decline of 81% from the average daily volume of 8,373,154 shares. The stock had previously closed at $33.78.

ProShares UltraShort Bloomberg Crude Oil Stock Up 6.5%

The company has a 50 day simple moving average of $27.94 and a two-hundred day simple moving average of $47.67.

Institutional Investors Weigh In On ProShares UltraShort Bloomberg Crude Oil

Several large investors have recently bought and sold shares of SCO. Brookstone Capital Management purchased a new stake in shares of ProShares UltraShort Bloomberg Crude Oil during the 1st quarter valued at about $8,930,000. Talon Private Wealth LLC purchased 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 during the 1st quarter valued at about $5,611,000. Group One Trading LLC boosted its holdings in shares of ProShares UltraShort Bloomberg Crude Oil by 607.7% in the first quarter. Group One Trading LLC now owns 223,321 shares of the exchange traded fund’s stock valued at $1,858,000 after purchasing an additional 191,767 shares during the period. Finally, Jump Financial LLC bought a new position in shares of ProShares UltraShort Bloomberg Crude Oil during the 2nd quarter worth $3,076,000.

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.