ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) Hits New 52-Week Low – Here’s Why

Shares of ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) hit a new 52-week low during trading on Thursday . The stock traded as low as $19.35 and last traded at $19.39, with a volume of 2989752 shares traded. The stock had previously closed at $20.31.

ProShares UltraShort Bloomberg Crude Oil Stock Down 2.5%

The stock has a 50 day moving average of $24.71 and a 200 day moving average of $28.50.

Institutional Investors Weigh In On ProShares UltraShort Bloomberg Crude Oil

A number of institutional investors have recently made changes to their positions in SCO. Cassaday & Co Wealth Management LLC acquired a new stake in shares of ProShares UltraShort Bloomberg Crude Oil during the 1st quarter valued at approximately $30,000. Waverly Advisors LLC bought a new stake in ProShares UltraShort Bloomberg Crude Oil during the first quarter valued at $83,000. Simplicity Wealth LLC bought a new stake in ProShares UltraShort Bloomberg Crude Oil during the first quarter valued at $91,000. Arkadios Wealth Advisors acquired a new stake in shares of ProShares UltraShort Bloomberg Crude Oil during the first quarter worth $108,000. Finally, NewEdge Advisors LLC acquired a new stake in shares of ProShares UltraShort Bloomberg Crude Oil during the first quarter worth $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.