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

ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) shares gapped up before the market opened on Monday . The stock had previously closed at $25.58, but opened at $27.24. ProShares UltraShort Bloomberg Crude Oil shares last traded at $27.38, with a volume of 1,969,984 shares traded.

ProShares UltraShort Bloomberg Crude Oil Price Performance

The business has a 50-day simple moving average of $29.42 and a 200 day simple moving average of $39.97.

Hedge Funds Weigh In On ProShares UltraShort Bloomberg Crude Oil

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Brookstone Capital Management bought a new stake in ProShares UltraShort Bloomberg Crude Oil in the first quarter valued at approximately $8,930,000. Talon Private Wealth LLC bought a new position in ProShares UltraShort Bloomberg Crude Oil during the 1st quarter worth approximately $8,517,000. Spectrum Financial Alliance Ltd LLC bought a new position in ProShares UltraShort Bloomberg Crude Oil during the 1st quarter worth approximately $5,611,000. Group One Trading LLC lifted its position 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 worth $1,858,000 after purchasing an additional 191,767 shares during the period. Finally, Jump Financial LLC acquired a new position in shares of ProShares UltraShort Bloomberg Crude Oil in the 2nd quarter worth approximately $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.