ProShares Ultra Silver (NYSEARCA:AGQ) Shares Gap Up – Still a Buy?

ProShares Ultra Silver (NYSEARCA:AGQ)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $119.05, but opened at $126.35. ProShares Ultra Silver shares last traded at $126.75, with a volume of 677,697 shares changing hands.

ProShares Ultra Silver Stock Down 5.6%

The firm’s 50 day moving average is $133.34 and its two-hundred day moving average is $140.17.

Hedge Funds Weigh In On ProShares Ultra Silver

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Group One Trading LLC grew its stake in shares of ProShares Ultra Silver by 53.3% in the fourth quarter. Group One Trading LLC now owns 90,024 shares of the exchange traded fund’s stock valued at $13,965,000 after buying an additional 31,313 shares in the last quarter. UBS Group AG bought a new position in shares of ProShares Ultra Silver in the fourth quarter valued at $9,454,000. Jump Financial LLC grew its stake in shares of ProShares Ultra Silver by 678.8% in the fourth quarter. Jump Financial LLC now owns 52,811 shares of the exchange traded fund’s stock valued at $8,192,000 after buying an additional 46,030 shares in the last quarter. Savior LLC grew its stake in shares of ProShares Ultra Silver by 5.2% in the third quarter. Savior LLC now owns 28,889 shares of the exchange traded fund’s stock valued at $2,202,000 after buying an additional 1,419 shares in the last quarter. Finally, Clear Harbor Asset Management LLC bought a new position in shares of ProShares Ultra Silver in the third quarter valued at $2,020,000.

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.