ProShares UltraShort Bloomberg Crude Oil Sees Unusually Large Options Volume (NYSEARCA:SCO)

ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) was the target of unusually large options trading activity on Wednesday. Traders acquired 22,922 call options on the company. This is an increase of approximately 14% compared to the typical daily volume of 20,133 call options.

Hedge Funds Weigh In On ProShares UltraShort Bloomberg Crude Oil

A number of institutional investors have recently made changes to their positions in SCO. Cassaday & Co Wealth Management LLC bought a new position in shares of ProShares UltraShort Bloomberg Crude Oil in the 1st quarter worth $30,000. JPMorgan Chase & Co. bought a new position in shares of ProShares UltraShort Bloomberg Crude Oil in the 3rd quarter worth $61,000. Raymond James Financial Inc. bought a new position in shares of ProShares UltraShort Bloomberg Crude Oil in the 2nd quarter worth $70,000. Waverly Advisors LLC bought a new position in shares of ProShares UltraShort Bloomberg Crude Oil in the 1st quarter worth $83,000. Finally, Simplicity Wealth LLC bought a new position in shares of ProShares UltraShort Bloomberg Crude Oil in the 1st quarter worth $91,000.

ProShares UltraShort Bloomberg Crude Oil Stock Performance

ProShares UltraShort Bloomberg Crude Oil stock traded up $0.48 during midday trading on Wednesday, reaching $6.31. 50,650,805 shares of the stock were exchanged, compared to its average volume of 31,074,816. The company’s fifty day moving average is $7.72 and its 200-day moving average is $14.11. ProShares UltraShort Bloomberg Crude Oil has a 52 week low of $5.71 and a 52 week high of $21.47.

Shares of ProShares UltraShort Bloomberg Crude Oil are going to reverse split before the market opens on Thursday, May 28th. The 1-4 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the closing bell on Wednesday, May 27th.

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.