ProShares UltraShort Silver (NYSEARCA:ZSL) Shares Gap Down – Should You Sell?

ProShares UltraShort Silver (NYSEARCA:ZSL)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $1.88, but opened at $1.75. ProShares UltraShort Silver shares last traded at $1.7550, with a volume of 37,745,636 shares.

ProShares UltraShort Silver Trading Down 8.2%

The business has a fifty day simple moving average of $3.46 and a 200 day simple moving average of $11.09.

ProShares UltraShort Silver shares are set to reverse split before the market opens on Thursday, February 26th. The 1-10 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the closing bell on Wednesday, February 25th.

Institutional Investors Weigh In On ProShares UltraShort Silver

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Altfest L J & Co. Inc. acquired a new stake in shares of ProShares UltraShort Silver in the fourth quarter valued at about $2,579,000. Jump Financial LLC purchased a new stake in ProShares UltraShort Silver during the 4th quarter valued at about $998,000. StoneX Group Inc. acquired a new stake in ProShares UltraShort Silver in the 4th quarter valued at about $320,000. Flow Traders U.S. LLC raised its holdings in ProShares UltraShort Silver by 159.2% in the 2nd quarter. Flow Traders U.S. LLC now owns 50,666 shares of the exchange traded fund’s stock valued at $1,308,000 after acquiring an additional 31,120 shares during the last quarter. Finally, Raffles Associates LP purchased a new position in ProShares UltraShort Silver in the 4th quarter worth approximately $267,000.

About ProShares UltraShort Silver

ProShares UltraShort Silver (the Fund) seeks daily investment results that correspond to twice (200%) the inverse (opposite) of the daily performance of silver bullion as measured by the United States dollar fixing price for delivery in London. The Fund will not directly or physically hold the underlying silver, but instead will seek exposure to silver through the use of financial instruments, whose value is based on the underlying price of silver to pursue their investment objective. The benchmark price of silver will be the United States dollar price of silver bullion as measured by the London fixing price per troy ounce of unallocated silver bullion for delivery in London through a member of the London Bullion Market Association (LBMA) authorized to effect such delivery.