ProShares Ultra Silver (NYSEARCA:AGQ) Shares Gap Down – Should You Sell?

ProShares Ultra Silver (NYSEARCA:AGQ) gapped down prior to trading on Wednesday. The stock had previously closed at $69.30, but opened at $65.30. ProShares Ultra Silver shares last traded at $65.20, with a volume of 1,162,587 shares traded.

ProShares Ultra Silver Price Performance

The stock’s 50 day moving average price is $77.24 and its 200 day moving average price is $91.35.

Hedge Funds Weigh In On ProShares Ultra Silver

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Hoey Investments Inc. raised its position in shares of ProShares Ultra Silver by 767.4% in the 1st quarter. Hoey Investments Inc. now owns 9,099 shares of the exchange traded fund’s stock worth $1,087,000 after acquiring an additional 8,050 shares in the last quarter. Sovereign Financial Group Inc. bought a new stake in shares of ProShares Ultra Silver during the 1st quarter valued at about $204,000. Bullseye Investment Management LLC bought a new stake in shares of ProShares Ultra Silver during the 2nd quarter valued at about $69,000. Strategic Investment Solutions Inc. IL boosted its position in shares of ProShares Ultra Silver by 223.0% during the 2nd quarter. Strategic Investment Solutions Inc. IL now owns 617 shares of the exchange traded fund’s stock valued at $42,000 after purchasing an additional 426 shares in the last quarter. Finally, NewEdge Advisors LLC grew its stake in ProShares Ultra Silver by 110.3% during the first quarter. NewEdge Advisors LLC now owns 2,723 shares of the exchange traded fund’s stock worth $325,000 after purchasing an additional 1,428 shares during the period.

About ProShares Ultra Silver

ProShares Ultra Silver (the Fund) seeks to provide daily investment results that correspond to twice (200%) the daily performance as measured by the United States dollar fixing price for delivery in London. The Fund will not directly or physically hold the underlying silver, but instead will seek exposure to silver through the use of financial instruments, whose value is based on the underlying price of silver to pursue their investment objective. The benchmark price of silver will be the United States dollar price of silver bullion as measured by the London fixing price per troy ounce of unallocated silver bullion for delivery in London through a member of the London Bullion Market Association (LBMA) authorized to effect such delivery.