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

ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO)’s share price hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $7.35 and last traded at $7.41, with a volume of 5445985 shares. The stock had previously closed at $7.54.

ProShares UltraShort Bloomberg Crude Oil Price Performance

The firm’s fifty day simple moving average is $10.29 and its 200 day simple moving average is $15.57.

Institutional Investors Weigh In On ProShares UltraShort Bloomberg Crude Oil

Several hedge funds have recently bought and sold shares of SCO. JPMorgan Chase & Co. acquired a new stake in shares of ProShares UltraShort Bloomberg Crude Oil during the 3rd quarter worth approximately $61,000. Raymond James Financial Inc. acquired a new stake in shares of ProShares UltraShort Bloomberg Crude Oil during the 2nd quarter valued at about $70,000. Group One Trading LLC increased its stake in shares of ProShares UltraShort Bloomberg Crude Oil by 99.5% in the 4th quarter. Group One Trading LLC now owns 31,554 shares of the exchange traded fund’s stock valued at $619,000 after purchasing an additional 15,738 shares in the last quarter. Corigliano Investment Advisers LLC purchased a new position in ProShares UltraShort Bloomberg Crude Oil during the fourth quarter worth approximately $941,000. Finally, Tower Research Capital LLC TRC grew its holdings in ProShares UltraShort Bloomberg Crude Oil by 33.8% in the fourth quarter. Tower Research Capital LLC TRC now owns 52,266 shares of the exchange traded fund’s stock valued at $1,025,000 after purchasing an additional 13,212 shares during the period.

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.