ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) Shares Gap Down – Should You Sell?

ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) gapped down before the market opened on Wednesday . The stock had previously closed at $29.59, but opened at $27.34. ProShares UltraShort Bloomberg Crude Oil shares last traded at $27.11, with a volume of 1,069,888 shares traded.

ProShares UltraShort Bloomberg Crude Oil Trading Down 9.8%

The stock has a 50 day moving average of $29.42 and a 200-day moving average of $39.97.

Hedge Funds Weigh In On ProShares UltraShort Bloomberg Crude Oil

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Brookstone Capital Management purchased a new stake in shares of ProShares UltraShort Bloomberg Crude Oil in the 1st quarter valued at $8,930,000. Talon Private Wealth LLC purchased a new position in shares of ProShares UltraShort Bloomberg Crude Oil during the 1st quarter valued at approximately $8,517,000. Spectrum Financial Alliance Ltd LLC acquired a new stake in shares of ProShares UltraShort Bloomberg Crude Oil in the first quarter valued at about $5,611,000. Group One Trading LLC increased 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 worth $1,858,000 after buying an additional 191,767 shares in the last quarter. Finally, Jump Financial LLC purchased a new stake in shares of ProShares UltraShort Bloomberg Crude Oil during the second quarter worth approximately $3,076,000.

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.