ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) Sets New 12-Month Low – What’s Next?

ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO)’s stock price hit a new 52-week low on Tuesday . The stock traded as low as $22.62 and last traded at $22.83, with a volume of 6459826 shares changing hands. The stock had previously closed at $23.97.

ProShares UltraShort Bloomberg Crude Oil Stock Up 0.2%

The stock has a fifty day simple moving average of $28.42 and a 200-day simple moving average of $32.32.

Institutional Trading of ProShares UltraShort Bloomberg Crude Oil

A number of hedge funds have recently bought and sold shares of SCO. JPMorgan Chase & Co. bought a new position in shares of ProShares UltraShort Bloomberg Crude Oil during the 3rd quarter worth about $61,000. Cassaday & Co Wealth Management LLC bought a new stake in shares of ProShares UltraShort Bloomberg Crude Oil in the first quarter valued at about $30,000. Raymond James Financial Inc. bought a new stake in shares of ProShares UltraShort Bloomberg Crude Oil in the second quarter valued at about $70,000. Waverly Advisors LLC acquired a new stake in ProShares UltraShort Bloomberg Crude Oil during the first quarter worth about $83,000. Finally, Simplicity Wealth LLC acquired a new stake in ProShares UltraShort Bloomberg Crude Oil during the first quarter worth about $91,000.

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.