ProShares UltraShort Silver (NYSEARCA:ZSL) Trading 16.2% Higher – Still a Buy?

ProShares UltraShort Silver (NYSEARCA:ZSL)’s share price shot up 16.2% on Thursday . The company traded as high as $28.48 and last traded at $27.19. 12,317,927 shares changed hands during trading, a decline of 47% from the average session volume of 23,443,729 shares. The stock had previously closed at $23.39.

ProShares UltraShort Silver Stock Up 14.8%

The company’s 50 day simple moving average is $23.49 and its 200-day simple moving average is $88.46.

Hedge Funds Weigh In On ProShares UltraShort Silver

A number of institutional investors have recently added to or reduced their stakes in ZSL. Jump Financial LLC purchased a new position in shares of ProShares UltraShort Silver during the fourth quarter worth about $998,000. Raffles Associates LP purchased a new stake in ProShares UltraShort Silver in the fourth quarter valued at approximately $267,000. Barclays PLC bought a new stake in ProShares UltraShort Silver during the fourth quarter valued at approximately $181,000. HRT Financial LP purchased a new position in ProShares UltraShort Silver in the 4th quarter worth approximately $156,000. Finally, StoneX Group Inc. purchased a new position in ProShares UltraShort Silver in the 4th quarter worth approximately $320,000.

About ProShares UltraShort Silver

ProShares UltraShort Silver (the Fund) seeks daily investment results that correspond to twice (200%) the inverse (opposite) of the daily performance of silver bullion as measured by the United States dollar fixing price for delivery in London. The Fund will not directly or physically hold the underlying silver, but instead will seek exposure to silver through the use of financial instruments, whose value is based on the underlying price of silver to pursue their investment objective. The benchmark price of silver will be the United States dollar price of silver bullion as measured by the London fixing price per troy ounce of unallocated silver bullion for delivery in London through a member of the London Bullion Market Association (LBMA) authorized to effect such delivery.