ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) Trading Down 8.2% – Here’s Why

ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) traded down 8.2% during trading on Monday . The company traded as low as $30.34 and last traded at $30.44. 3,706,070 shares changed hands during mid-day trading, a decline of 54% from the average session volume of 8,046,660 shares. The stock had previously closed at $33.15.

ProShares UltraShort Bloomberg Crude Oil Trading Down 1.3%

The company’s fifty day simple moving average is $29.06 and its two-hundred day simple moving average is $43.56.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Cassaday & Co Wealth Management LLC acquired a new stake in ProShares UltraShort Bloomberg Crude Oil during the 1st quarter valued at $30,000. JPMorgan Chase & Co. purchased a new stake in shares of ProShares UltraShort Bloomberg Crude Oil in the third quarter valued at $61,000. Raymond James Financial Inc. acquired a new stake in shares of ProShares UltraShort Bloomberg Crude Oil during the second quarter valued at $70,000. Waverly Advisors LLC acquired a new stake in shares of ProShares UltraShort Bloomberg Crude Oil during the first quarter valued at $83,000. Finally, Simplicity Wealth LLC purchased a new stake in ProShares UltraShort Bloomberg Crude Oil during the 1st quarter worth about $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.