ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) Shares Gap Down – Here’s Why

Shares of ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) gapped down prior to trading on Thursday . The stock had previously closed at $6.23, but opened at $5.87. ProShares UltraShort Bloomberg Crude Oil shares last traded at $5.95, with a volume of 13,032,208 shares.

ProShares UltraShort Bloomberg Crude Oil Price Performance

The firm has a 50-day simple moving average of $7.63 and a two-hundred day simple moving average of $14.03.

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 closing bell on Wednesday, May 27th.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Brookstone Capital Management acquired a new position in ProShares UltraShort Bloomberg Crude Oil in the 1st quarter worth about $8,930,000. Talon Private Wealth LLC acquired a new position in ProShares UltraShort Bloomberg Crude Oil in the 1st quarter worth about $8,517,000. Spectrum Financial Alliance Ltd LLC acquired a new position in ProShares UltraShort Bloomberg Crude Oil in the 1st quarter worth about $5,611,000. Group One Trading LLC increased its position in ProShares UltraShort Bloomberg Crude Oil by 607.7% in the 1st quarter. Group One Trading LLC now owns 223,321 shares of the exchange traded fund’s stock worth $1,858,000 after purchasing an additional 191,767 shares during the last quarter. Finally, Jump Financial LLC acquired a new position in ProShares UltraShort Bloomberg Crude Oil in the 2nd quarter worth about $3,076,000.

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.