ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) Hits New 1-Year Low – What’s Next?

ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) hit a new 52-week low on Thursday. The company traded as low as $19.35 and last traded at $19.39, with a volume of 2989752 shares traded. The stock had previously closed at $20.31.

ProShares UltraShort Bloomberg Crude Oil Stock Up 2.7%

The business has a 50 day simple moving average of $24.39 and a 200-day simple moving average of $28.29.

Institutional Investors Weigh In On ProShares UltraShort Bloomberg Crude Oil

Several hedge funds have recently bought and sold shares of the company. Brookstone Capital Management acquired a new stake in ProShares UltraShort Bloomberg Crude Oil during the first quarter worth approximately $8,930,000. Talon Private Wealth LLC acquired a new position in shares of ProShares UltraShort Bloomberg Crude Oil in the first quarter valued at approximately $8,517,000. Spectrum Financial Alliance Ltd LLC acquired a new position in shares of ProShares UltraShort Bloomberg Crude Oil in the first quarter valued at approximately $5,611,000. Group One Trading LLC increased its stake in shares of ProShares UltraShort Bloomberg Crude Oil by 607.7% during the first quarter. Group One Trading LLC now owns 223,321 shares of the exchange traded fund’s stock worth $1,858,000 after purchasing an additional 191,767 shares during the period. Finally, Integrated Investment Consultants LLC bought a new position in shares of ProShares UltraShort Bloomberg Crude Oil during the first quarter worth approximately $946,000.

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.