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 Monday . The stock had previously closed at $29.41, but opened at $27.72. ProShares UltraShort Bloomberg Crude Oil shares last traded at $27.05, with a volume of 866,418 shares trading hands.

ProShares UltraShort Bloomberg Crude Oil Stock Down 9.6%

The firm’s fifty day moving average price is $29.84 and its 200 day moving average price is $37.47.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SCO. Cassaday & Co Wealth Management LLC purchased a new stake in ProShares UltraShort Bloomberg Crude Oil in the first quarter valued at $30,000. JPMorgan Chase & Co. purchased a new position in shares of ProShares UltraShort Bloomberg Crude Oil during the 3rd quarter valued at about $61,000. Raymond James Financial Inc. purchased a new position in shares of ProShares UltraShort Bloomberg Crude Oil during the 2nd quarter valued at about $70,000. Waverly Advisors LLC acquired a new position in shares of ProShares UltraShort Bloomberg Crude Oil in the 1st quarter valued at about $83,000. Finally, Simplicity Wealth LLC acquired a new position in shares of ProShares UltraShort Bloomberg Crude Oil in the 1st quarter valued at about $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.