ProShares UltraShort Gold (NYSEARCA:GLL – Free Report)’s stock is scheduled to reverse split before the market opens on Thursday, November 20th. The 1-2 reverse split was announced on Tuesday, November 4th. The number of shares owned by shareholders will be adjusted after the closing bell on Wednesday, November 19th.
ProShares UltraShort Gold Trading Up 3.8%
GLL opened at $14.54 on Friday. The company has a 50 day moving average of $15.96 and a two-hundred day moving average of $19.76. ProShares UltraShort Gold has a 52-week low of $12.80 and a 52-week high of $36.90.
Institutional Investors Weigh In On ProShares UltraShort Gold
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GLL. JPMorgan Chase & Co. purchased a new position in shares of ProShares UltraShort Gold during the 2nd quarter valued at $55,000. Signaturefd LLC acquired a new stake in ProShares UltraShort Gold during the second quarter valued at $56,000. Bank of America Corp DE grew its stake in ProShares UltraShort Gold by 55,280.0% in the second quarter. Bank of America Corp DE now owns 8,307 shares of the exchange traded fund’s stock valued at $185,000 after purchasing an additional 8,292 shares in the last quarter. Two Sigma Securities LLC acquired a new position in ProShares UltraShort Gold in the 2nd quarter worth about $336,000. Finally, BNP Paribas Financial Markets purchased a new stake in shares of ProShares UltraShort Gold during the 2nd quarter worth about $809,000.
About ProShares UltraShort Gold
ProShares UltraShort Gold (the Fund) seeks daily investment results that correspond to twice (200%) the inverse (opposite) of the daily performance of gold bullion as measured by the United States dollar p.m. fixing price for delivery in London. The Fund will not directly or physically hold the underlying gold, but instead, will seek exposure to gold through the use of financial instruments, whose value is based on the underlying price of gold to pursue their investment objective.
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