ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) Sees Large Decline in Short Interest

ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) saw a large drop in short interest in August. As of August 14th, there was short interest totaling 1,252,169 shares, a drop of 32.7% from the July 30th total of 1,859,987 shares. Currently, 5.1% of the shares of the stock are short sold. Based on an average daily volume of 3,944,676 shares, the short-interest ratio is currently 0.3 days.

Hedge Funds Weigh In On ProShares UltraShort Bloomberg Crude Oil

Hedge funds and other institutional investors have recently modified their holdings of the business. JPMorgan Chase & Co. purchased a new stake in ProShares UltraShort Bloomberg Crude Oil during the 3rd quarter valued at about $61,000. Cassaday & Co Wealth Management LLC acquired a new stake in ProShares UltraShort Bloomberg Crude Oil in the 1st quarter valued at about $30,000. Raymond James Financial Inc. purchased a new position in ProShares UltraShort Bloomberg Crude Oil in the 2nd quarter worth approximately $70,000. Waverly Advisors LLC purchased a new position in ProShares UltraShort Bloomberg Crude Oil in the 1st quarter worth approximately $83,000. Finally, Simplicity Wealth LLC purchased a new position in ProShares UltraShort Bloomberg Crude Oil in the 1st quarter worth approximately $91,000.

ProShares UltraShort Bloomberg Crude Oil Stock Down 6.1%

Shares of SCO opened at $22.50 on Wednesday. ProShares UltraShort Bloomberg Crude Oil has a 52-week low of $22.45 and a 52-week high of $84.14. The firm’s fifty day moving average is $28.68 and its two-hundred day moving average is $32.61.

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.