ProShares UltraShort Silver (NYSEARCA:ZSL) Trading 14% Higher – Time to Buy?

ProShares UltraShort Silver (NYSEARCA:ZSL) shares were up 14% during trading on Monday . The stock traded as high as $2.78 and last traded at $2.69. Approximately 188,059,942 shares changed hands during mid-day trading, a decline of 41% from the average daily volume of 319,454,719 shares. The stock had previously closed at $2.36.

ProShares UltraShort Silver Price Performance

The firm has a 50 day moving average of $5.75 and a 200-day moving average of $13.57.

Institutional Investors Weigh In On ProShares UltraShort Silver

Several institutional investors and hedge funds have recently added to or reduced their stakes in ZSL. Altfest L J & Co. Inc. purchased a new position in ProShares UltraShort Silver during the 4th quarter valued at about $2,579,000. Flow Traders U.S. LLC lifted its position in ProShares UltraShort Silver by 159.2% in the second quarter. Flow Traders U.S. LLC now owns 50,666 shares of the exchange traded fund’s stock valued at $1,308,000 after purchasing an additional 31,120 shares during the last quarter. Aprio Wealth Management LLC bought a new position in shares of ProShares UltraShort Silver during the fourth quarter valued at about $53,000. Finally, Bank of America Corp DE raised its holdings in ProShares UltraShort Silver by 10,161.9% in the 2nd quarter. Bank of America Corp DE now owns 4,310 shares of the exchange traded fund’s stock worth $111,000 after purchasing an additional 4,268 shares in the last quarter.

ProShares UltraShort Silver Company Profile

ProShares UltraShort Silver (the Fund) seeks daily investment results that correspond to twice (200%) the inverse (opposite) of the daily performance of silver bullion as measured by the United States dollar fixing price for delivery in London. The Fund will not directly or physically hold the underlying silver, but instead will seek exposure to silver through the use of financial instruments, whose value is based on the underlying price of silver to pursue their investment objective. The benchmark price of silver will be the United States dollar price of silver bullion as measured by the London fixing price per troy ounce of unallocated silver bullion for delivery in London through a member of the London Bullion Market Association (LBMA) authorized to effect such delivery.