ProShares Ultra Silver (NYSEARCA:AGQ) Stock Price Down 8.6% – Time to Sell?

ProShares Ultra Silver (NYSEARCA:AGQ)’s stock price dropped 8.6% during mid-day trading on Monday. The stock traded as low as $68.90 and last traded at $69.86. 1,260,343 shares traded hands during mid-day trading, a decline of 74% from the average session volume of 4,774,611 shares. The stock had previously closed at $76.45.

ProShares Ultra Silver Stock Down 9.3%

The firm’s 50 day moving average is $76.72 and its two-hundred day moving average is $95.73.

Institutional Investors Weigh In On ProShares Ultra Silver

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Hoey Investments Inc. increased its stake in ProShares Ultra Silver by 767.4% during the 1st quarter. Hoey Investments Inc. now owns 9,099 shares of the exchange traded fund’s stock worth $1,087,000 after buying an additional 8,050 shares during the period. NewEdge Advisors LLC boosted its position in ProShares Ultra Silver by 110.3% in the 1st quarter. NewEdge Advisors LLC now owns 2,723 shares of the exchange traded fund’s stock valued at $325,000 after buying an additional 1,428 shares during the last quarter. Vestor Capital LLC acquired a new stake in shares of ProShares Ultra Silver during the first quarter valued at about $598,000. Anson Funds Management LP acquired a new stake in shares of ProShares Ultra Silver during the first quarter valued at about $744,000. Finally, EverSource Wealth Advisors LLC increased its position in shares of ProShares Ultra Silver by 15.2% during the first quarter. EverSource Wealth Advisors LLC now owns 6,816 shares of the exchange traded fund’s stock worth $815,000 after acquiring an additional 900 shares during the last quarter.

About ProShares Ultra Silver

ProShares Ultra Silver (the Fund) seeks to provide daily investment results that correspond to twice (200%) the daily performance as measured by the United States dollar fixing price for delivery in London. The Fund will not directly or physically hold the underlying silver, but instead will seek exposure to silver through the use of financial instruments, whose value is based on the underlying price of silver to pursue their investment objective. The benchmark price of silver will be the United States dollar price of silver bullion as measured by the London fixing price per troy ounce of unallocated silver bullion for delivery in London through a member of the London Bullion Market Association (LBMA) authorized to effect such delivery.