ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) Reaches New 1-Year Low – Here’s Why

ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) hit a new 52-week low during mid-day trading on Wednesday. The company traded as low as $18.89 and last traded at $18.93, with a volume of 1706401 shares changing hands. The stock had previously closed at $19.47.

ProShares UltraShort Bloomberg Crude Oil Stock Performance

The business’s fifty day moving average price is $23.38 and its 200 day moving average price is $27.42.

Institutional Trading of ProShares UltraShort Bloomberg Crude Oil

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