ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) Share Price Cross Above 200 Day Moving Average – What’s Next?

ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $18.05 and traded as high as $18.95. ProShares UltraShort Bloomberg Crude Oil shares last traded at $18.91, with a volume of 2,347,864 shares changing hands.

ProShares UltraShort Bloomberg Crude Oil Price Performance

The stock’s fifty day moving average is $17.95 and its 200 day moving average is $18.05.

Hedge Funds Weigh In On ProShares UltraShort Bloomberg Crude Oil

A number of institutional investors and hedge funds have recently modified their holdings of SCO. JPMorgan Chase & Co. bought a new stake in shares of ProShares UltraShort Bloomberg Crude Oil during the 3rd quarter worth approximately $61,000. Raymond James Financial Inc. bought a new position in ProShares UltraShort Bloomberg Crude Oil in the 2nd quarter valued at $70,000. XTX Topco Ltd purchased a new stake in ProShares UltraShort Bloomberg Crude Oil in the second quarter worth $235,000. EverSource Wealth Advisors LLC bought a new stake in shares of ProShares UltraShort Bloomberg Crude Oil during the second quarter worth $271,000. Finally, Group One Trading LLC lifted its position in shares of ProShares UltraShort Bloomberg Crude Oil by 64.4% during the second quarter. Group One Trading LLC now owns 56,155 shares of the exchange traded fund’s stock worth $1,014,000 after purchasing an additional 21,999 shares during the last quarter.

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.