ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) Trading Down 8.2% – Here’s Why

ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) traded down 8.2% during mid-day trading on Monday . The company traded as low as $30.34 and last traded at $30.44. Approximately 3,706,070 shares were traded during mid-day trading, a decline of 54% from the average session volume of 8,046,660 shares. The stock had previously closed at $33.15.

ProShares UltraShort Bloomberg Crude Oil Trading Down 9.6%

The stock has a fifty day moving average of $28.94 and a 200 day moving average of $44.23.

Hedge Funds Weigh In On ProShares UltraShort Bloomberg Crude Oil

Several institutional investors and hedge funds have recently modified their holdings of SCO. Brookstone Capital Management acquired a new position in shares of ProShares UltraShort Bloomberg Crude Oil in the 1st quarter valued at $8,930,000. Talon Private Wealth LLC purchased a new position in shares of ProShares UltraShort Bloomberg Crude Oil in the first quarter worth about $8,517,000. Spectrum Financial Alliance Ltd LLC acquired a new position in shares of ProShares UltraShort Bloomberg Crude Oil during the 1st quarter worth approximately $5,611,000. Group One Trading LLC boosted its stake in ProShares UltraShort Bloomberg Crude Oil by 607.7% during the first quarter. Group One Trading LLC now owns 223,321 shares of the exchange traded fund’s stock worth $1,858,000 after buying an additional 191,767 shares during the last quarter. Finally, Jump Financial LLC acquired a new position in shares of ProShares UltraShort Bloomberg Crude Oil during the 2nd quarter valued at about $3,076,000.

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.