ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) Shares Gap Up – Time to Buy?

ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $29.43, but opened at $30.84. ProShares UltraShort Bloomberg Crude Oil shares last traded at $30.59, with a volume of 2,069,511 shares changing hands.

ProShares UltraShort Bloomberg Crude Oil Stock Up 5.5%

The company’s fifty day simple moving average is $27.82 and its 200 day simple moving average is $50.06.

Institutional Inflows and Outflows

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