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

ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $29.41, but opened at $27.72. ProShares UltraShort Bloomberg Crude Oil shares last traded at $27.05, with a volume of 866,418 shares.

ProShares UltraShort Bloomberg Crude Oil Trading Down 9.6%

The business’s fifty day moving average price is $29.84 and its two-hundred day moving average price is $37.47.

Institutional Trading of ProShares UltraShort Bloomberg Crude Oil

Several large investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. purchased a new position in shares of ProShares UltraShort Bloomberg Crude Oil in the third quarter worth about $61,000. Cassaday & Co Wealth Management LLC purchased a new stake in ProShares UltraShort Bloomberg Crude Oil in the first quarter valued at approximately $30,000. Raymond James Financial Inc. purchased a new stake in ProShares UltraShort Bloomberg Crude Oil in the second quarter valued at approximately $70,000. Waverly Advisors LLC purchased a new stake in ProShares UltraShort Bloomberg Crude Oil in the first quarter valued at approximately $83,000. Finally, Simplicity Wealth LLC acquired a new position in ProShares UltraShort Bloomberg Crude Oil in the 1st quarter worth approximately $91,000.

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.