ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) Shares Gap Down – Here’s Why

ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) shares gapped down prior to trading on Thursday . The stock had previously closed at $6.23, but opened at $5.87. ProShares UltraShort Bloomberg Crude Oil shares last traded at $5.95, with a volume of 13,032,208 shares traded.

ProShares UltraShort Bloomberg Crude Oil Price Performance

The firm has a 50-day moving average price of $7.49 and a 200-day moving average price of $13.89.

Shares of ProShares UltraShort Bloomberg Crude Oil are set to reverse split on the morning of Thursday, May 28th. The 1-4 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the closing bell on Wednesday, May 27th.

Hedge Funds Weigh In On ProShares UltraShort Bloomberg Crude Oil

Hedge funds have recently bought and sold shares of the business. JPMorgan Chase & Co. purchased a new position in ProShares UltraShort Bloomberg Crude Oil in the 3rd quarter worth about $61,000. Cassaday & Co Wealth Management LLC purchased a new position in ProShares UltraShort Bloomberg Crude Oil in the 1st quarter worth about $30,000. Raymond James Financial Inc. purchased a new position in ProShares UltraShort Bloomberg Crude Oil in the 2nd quarter worth about $70,000. Waverly Advisors LLC purchased a new position in ProShares UltraShort Bloomberg Crude Oil in the 1st quarter worth about $83,000. Finally, Simplicity Wealth LLC purchased a new position in ProShares UltraShort Bloomberg Crude Oil in the 1st 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.