ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) Stock Price Down 8% – Here’s Why

Shares of ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) were down 8% during trading on Monday . The company traded as low as $6.35 and last traded at $6.36. Approximately 36,582,381 shares changed hands during trading, an increase of 26% from the average daily volume of 29,087,391 shares. The stock had previously closed at $6.91.

ProShares UltraShort Bloomberg Crude Oil Trading Up 3.1%

The stock’s 50-day simple moving average is $8.17 and its 200 day simple moving average is $14.45.

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 market closes on Wednesday, May 27th.

Institutional Investors Weigh In On ProShares UltraShort Bloomberg Crude Oil

A number of institutional investors have recently modified their holdings of SCO. Brookstone Capital Management bought a new stake in shares of ProShares UltraShort Bloomberg Crude Oil in the first quarter valued at about $8,930,000. Spectrum Financial Alliance Ltd LLC bought a new stake in shares of ProShares UltraShort Bloomberg Crude Oil in the first quarter valued at about $5,611,000. Jump Financial LLC bought a new stake in shares of ProShares UltraShort Bloomberg Crude Oil in the second quarter valued at about $3,076,000. Quadrature Capital Ltd bought a new stake in shares of ProShares UltraShort Bloomberg Crude Oil in the third quarter valued at about $1,844,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of ProShares UltraShort Bloomberg Crude Oil in the first quarter valued at about $832,000.

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.