ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) Sees Significant Drop in Short Interest

ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) was the target of a large decrease in short interest in the month of May. As of May 29th, there was short interest totaling 5,986,244 shares, a decrease of 55.0% from the May 14th total of 13,308,766 shares. Approximately 14.9% of the shares of the company are short sold. Based on an average daily trading volume, of 15,971,422 shares, the short-interest ratio is presently 0.4 days.

ProShares UltraShort Bloomberg Crude Oil Price Performance

Shares of NYSEARCA SCO traded up $1.45 during trading hours on Friday, hitting $28.03. 10,972,537 shares of the stock were exchanged, compared to its average volume of 8,476,045. The company’s 50 day moving average is $27.88 and its 200 day moving average is $50.57. ProShares UltraShort Bloomberg Crude Oil has a one year low of $22.84 and a one year high of $84.14.

Institutional Trading of ProShares UltraShort Bloomberg Crude Oil

Several large investors have recently modified their holdings of SCO. Brookstone Capital Management bought a new stake in shares of ProShares UltraShort Bloomberg Crude Oil during the 1st quarter worth $8,930,000. Talon Private Wealth LLC bought a new stake in shares of ProShares UltraShort Bloomberg Crude Oil during the 1st quarter worth $8,517,000. Spectrum Financial Alliance Ltd LLC bought a new stake in shares of ProShares UltraShort Bloomberg Crude Oil during the 1st quarter worth $5,611,000. Group One Trading LLC boosted its holdings in shares of ProShares UltraShort Bloomberg Crude Oil by 607.7% during the 1st quarter. Group One Trading LLC now owns 223,321 shares of the exchange traded fund’s stock worth $1,858,000 after buying an additional 191,767 shares during the period. Finally, Jump Financial LLC bought a new stake in shares of ProShares UltraShort Bloomberg Crude Oil during the 2nd quarter worth $3,076,000.

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.