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

ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) gapped down before the market opened on Thursday . The stock had previously closed at $6.23, but opened at $5.87. ProShares UltraShort Bloomberg Crude Oil shares last traded at $5.95, with a volume of 13,032,208 shares trading hands.

ProShares UltraShort Bloomberg Crude Oil Trading Down 3.7%

The firm has a fifty day moving average price of $7.63 and a 200 day moving average price of $14.03.

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

Institutional Investors Weigh In On ProShares UltraShort Bloomberg Crude Oil

Several hedge funds have recently bought and sold shares of SCO. Brookstone Capital Management purchased a new stake in ProShares UltraShort Bloomberg Crude Oil in the 1st quarter worth about $8,930,000. Talon Private Wealth LLC purchased a new stake in ProShares UltraShort Bloomberg Crude Oil in the 1st quarter worth about $8,517,000. Spectrum Financial Alliance Ltd LLC purchased a new stake in ProShares UltraShort Bloomberg Crude Oil in the 1st quarter worth about $5,611,000. Group One Trading LLC lifted its stake in 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 acquiring an additional 191,767 shares in the last quarter. Finally, Jump Financial LLC purchased a new stake in ProShares UltraShort Bloomberg Crude Oil in the 2nd quarter worth about $3,076,000.

ProShares UltraShort Bloomberg Crude Oil Company Profile

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.