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

ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO)’s stock price gapped up before the market opened on Tuesday. The stock had previously closed at $19.74, but opened at $20.80. ProShares UltraShort Bloomberg Crude Oil shares last traded at $20.45, with a volume of 2,189,496 shares traded.

ProShares UltraShort Bloomberg Crude Oil Trading Down 1.6%

The business has a 50-day moving average price of $18.97 and a two-hundred day moving average price of $31.09.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Talon Private Wealth LLC acquired a new position in shares of ProShares UltraShort Bloomberg Crude Oil during the first quarter valued at about $8,517,000. Group One Trading LLC raised its holdings in shares of ProShares UltraShort Bloomberg Crude Oil by 607.7% in the 1st quarter. Group One Trading LLC now owns 223,321 shares of the exchange traded fund’s stock worth $1,858,000 after acquiring an additional 191,767 shares during the last quarter. Integrated Investment Consultants LLC acquired a new stake in shares of ProShares UltraShort Bloomberg Crude Oil in the 1st quarter worth about $946,000. Bank of New York Mellon Corp acquired a new stake in shares of ProShares UltraShort Bloomberg Crude Oil in the 1st quarter worth about $832,000. Finally, Marks Group Wealth Management Inc bought a new position in ProShares UltraShort Bloomberg Crude Oil in the 1st quarter valued at about $528,000.

About ProShares UltraShort Bloomberg Crude Oil

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.