ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) Shares Gap Up – What’s Next?

ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) shares gapped up prior to trading on Tuesday. The stock had previously closed at $19.74, but opened at $20.80. ProShares UltraShort Bloomberg Crude Oil shares last traded at $20.45, with a volume of 2,189,496 shares.

ProShares UltraShort Bloomberg Crude Oil Trading Up 2.7%

The company has a fifty day moving average price of $19.10 and a two-hundred day moving average price of $31.60.

Institutional Trading of ProShares UltraShort Bloomberg Crude Oil

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Cassaday & Co Wealth Management LLC acquired a new position in shares of ProShares UltraShort Bloomberg Crude Oil during the 1st quarter valued at about $30,000. Waverly Advisors LLC acquired a new stake in ProShares UltraShort Bloomberg Crude Oil during the first quarter worth about $83,000. Simplicity Wealth LLC acquired a new stake in ProShares UltraShort Bloomberg Crude Oil during the first quarter worth about $91,000. Arkadios Wealth Advisors purchased a new position in ProShares UltraShort Bloomberg Crude Oil during the first quarter worth about $108,000. Finally, NewEdge Advisors LLC purchased a new position in ProShares UltraShort Bloomberg Crude Oil during the first quarter worth about $144,000.

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.