ProShares UltraPro Short S&P 500 (NYSEARCA:SPXU) Shares Gap Up – Should You Buy?

ProShares UltraPro Short S&P 500 (NYSEARCA:SPXU) shares gapped up before the market opened on Tuesday . The stock had previously closed at $37.77, but opened at $39.40. ProShares UltraPro Short S&P 500 shares last traded at $38.7470, with a volume of 2,496,539 shares changing hands.

ProShares UltraPro Short S&P 500 Price Performance

The stock has a 50 day moving average of $39.71 and a 200-day moving average of $46.79.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. lifted its stake in ProShares UltraPro Short S&P 500 by 16,249.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 322,244 shares of the exchange traded fund’s stock valued at $4,354,000 after acquiring an additional 320,273 shares during the period. IMC Chicago LLC acquired a new stake in ProShares UltraPro Short S&P 500 during the first quarter worth about $17,942,000. Clough Capital Partners L P purchased a new position in ProShares UltraPro Short S&P 500 during the second quarter valued at approximately $2,011,000. Quadrature Capital Ltd purchased a new position in ProShares UltraPro Short S&P 500 during the fourth quarter valued at approximately $5,747,000. Finally, Tower Research Capital LLC TRC lifted its holdings in ProShares UltraPro Short S&P 500 by 208.9% in the third quarter. Tower Research Capital LLC TRC now owns 166,275 shares of the exchange traded fund’s stock valued at $2,246,000 after acquiring an additional 112,444 shares during the period.

ProShares UltraPro Short S&P 500 Company Profile

The Fund seeks daily investment results that correspond to triple the inverse of the daily performance of the Index. The Fund invests in derivatives that it believes should have similar daily return characteristics as triple the inverse of the daily performance of the Index.