ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) Shares Gap Up – Should You Buy?

ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $33.15, but opened at $35.18. ProShares UltraShort Bloomberg Crude Oil shares last traded at $35.37, with a volume of 4,971,764 shares changing hands.

ProShares UltraShort Bloomberg Crude Oil Trading Down 4.7%

The firm has a 50-day moving average of $27.94 and a 200 day moving average of $47.67.

Hedge Funds Weigh In On ProShares UltraShort Bloomberg Crude Oil

A number of institutional investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. purchased a new position in ProShares UltraShort Bloomberg Crude Oil during the third quarter valued at approximately $61,000. Cassaday & Co Wealth Management LLC purchased a new position in shares of ProShares UltraShort Bloomberg Crude Oil during the 1st quarter valued at $30,000. Raymond James Financial Inc. bought a new position in ProShares UltraShort Bloomberg Crude Oil in the 2nd quarter worth $70,000. Waverly Advisors LLC bought a new position in ProShares UltraShort Bloomberg Crude Oil in the 1st quarter worth $83,000. Finally, Simplicity Wealth LLC purchased a new stake in ProShares UltraShort Bloomberg Crude Oil in the 1st quarter worth $91,000.

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.