ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) Shares Gap Down – Here’s Why

ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) shares gapped down before the market opened on Monday . The stock had previously closed at $27.49, but opened at $25.85. ProShares UltraShort Bloomberg Crude Oil shares last traded at $25.50, with a volume of 2,409,718 shares.

ProShares UltraShort Bloomberg Crude Oil Stock Performance

The stock has a 50-day moving average price of $29.26 and a 200-day moving average price of $53.81.

Hedge Funds Weigh In On ProShares UltraShort Bloomberg Crude Oil

Hedge funds have recently made changes to their positions in the stock. Cassaday & Co Wealth Management LLC bought a new stake in ProShares UltraShort Bloomberg Crude Oil in the first quarter worth approximately $30,000. JPMorgan Chase & Co. bought a new stake in ProShares UltraShort Bloomberg Crude Oil in the third quarter worth approximately $61,000. Raymond James Financial Inc. bought a new stake in ProShares UltraShort Bloomberg Crude Oil in the second quarter worth approximately $70,000. Waverly Advisors LLC bought a new stake in ProShares UltraShort Bloomberg Crude Oil in the first quarter worth approximately $83,000. Finally, Simplicity Wealth LLC bought a new stake in ProShares UltraShort Bloomberg Crude Oil in the first quarter worth approximately $91,000.

ProShares UltraShort Bloomberg Crude Oil Company Profile

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.