ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) Shares Gap Up – Time to Buy?

ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) gapped up prior to trading on Tuesday . The stock had previously closed at $29.43, but opened at $30.84. ProShares UltraShort Bloomberg Crude Oil shares last traded at $30.59, with a volume of 2,069,511 shares changing hands.

ProShares UltraShort Bloomberg Crude Oil Stock Up 2.3%

The firm’s 50-day moving average price is $27.78 and its 200 day moving average price is $49.43.

Institutional Trading of ProShares UltraShort Bloomberg Crude Oil

Institutional investors and hedge funds have recently made changes to their positions in the company. Cassaday & Co Wealth Management LLC bought a new stake in shares of ProShares UltraShort Bloomberg Crude Oil during the 1st quarter worth approximately $30,000. JPMorgan Chase & Co. bought a new stake in shares of ProShares UltraShort Bloomberg Crude Oil during the 3rd quarter worth approximately $61,000. Raymond James Financial Inc. bought a new stake in shares of ProShares UltraShort Bloomberg Crude Oil during the 2nd quarter worth approximately $70,000. Waverly Advisors LLC bought a new stake in shares of ProShares UltraShort Bloomberg Crude Oil during the 1st quarter worth approximately $83,000. Finally, Simplicity Wealth LLC bought a new stake in shares of ProShares UltraShort Bloomberg Crude Oil during the 1st quarter worth approximately $91,000.

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.