ProShares UltraShort Gold (NYSEARCA:GLL) Stock Price Pass Above 200-Day Moving Average – Time to Sell?

Shares of ProShares UltraShort Gold (NYSEARCA:GLL) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $21.36 and traded as high as $25.82. ProShares UltraShort Gold shares last traded at $25.81, with a volume of 2,097,188 shares trading hands.

ProShares UltraShort Gold Stock Down 1.8%

The stock’s 50 day moving average is $21.80 and its two-hundred day moving average is $21.36.

Institutional Investors Weigh In On ProShares UltraShort Gold

Several hedge funds have recently modified their holdings of GLL. JPMorgan Chase & Co. bought a new position in shares of ProShares UltraShort Gold during the second quarter valued at approximately $55,000. Bank of America Corp DE raised its stake in ProShares UltraShort Gold by 55,280.0% in the second quarter. Bank of America Corp DE now owns 8,307 shares of the exchange traded fund’s stock worth $185,000 after buying an additional 8,292 shares in the last quarter. BNP Paribas Financial Markets purchased a new stake in ProShares UltraShort Gold during the second quarter worth $809,000. Two Sigma Securities LLC purchased a new stake in ProShares UltraShort Gold during the second quarter worth $336,000. Finally, Genesis Financial Group LLC bought a new stake in ProShares UltraShort Gold during the 4th quarter valued at $2,395,000.

About ProShares UltraShort Gold

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