ProShares Ultra Silver (NYSEARCA:AGQ) Shares Gap Down – Time to Sell?

ProShares Ultra Silver (NYSEARCA:AGQ) gapped down prior to trading on Wednesday. The stock had previously closed at $64.12, but opened at $58.84. ProShares Ultra Silver shares last traded at $59.04, with a volume of 1,190,452 shares traded.

ProShares Ultra Silver Trading Down 11.5%

The firm’s fifty day moving average price is $77.29 and its 200-day moving average price is $90.53.

Hedge Funds Weigh In On ProShares Ultra Silver

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Hoey Investments Inc. raised its holdings in ProShares Ultra Silver by 767.4% in the 1st quarter. Hoey Investments Inc. now owns 9,099 shares of the exchange traded fund’s stock valued at $1,087,000 after acquiring an additional 8,050 shares in the last quarter. Anson Funds Management LP acquired a new stake in shares of ProShares Ultra Silver during the 1st quarter worth approximately $744,000. Vestor Capital LLC acquired a new stake in shares of ProShares Ultra Silver during the 1st quarter worth approximately $598,000. Legacy Wealth Managment LLC ID acquired a new stake in shares of ProShares Ultra Silver during the 1st quarter worth approximately $332,000. Finally, Integrated Advisors Network LLC increased its position in shares of ProShares Ultra Silver by 34.9% during the first quarter. Integrated Advisors Network LLC now owns 9,337 shares of the exchange traded fund’s stock valued at $1,116,000 after purchasing an additional 2,418 shares during the period.

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.