ProShares UltraShort Gold (NYSEARCA:GLL) Stock Price Pass Above 200-Day Moving Average – Should You Sell?

Shares of ProShares UltraShort Gold (NYSEARCA:GLL) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $21.34 and traded as high as $26.73. ProShares UltraShort Gold shares last traded at $26.68, with a volume of 1,636,827 shares changing hands.

ProShares UltraShort Gold Price Performance

The stock’s fifty day moving average is $22.68 and its 200-day moving average is $21.33.

Institutional Trading of ProShares UltraShort Gold

A number of hedge funds and other institutional investors have recently made changes to their positions in GLL. Saba Capital Management L.P. purchased a new stake in shares of ProShares UltraShort Gold during the 4th quarter valued at approximately $9,479,000. Raffles Associates LP acquired a new stake in ProShares UltraShort Gold during the fourth quarter worth $5,884,000. Hamilton Wealth LLC purchased a new stake in ProShares UltraShort Gold in the first quarter valued at $3,795,000. Simplex Trading LLC lifted its stake in shares of ProShares UltraShort Gold by 3,304.2% in the 4th quarter. Simplex Trading LLC now owns 149,072 shares of the exchange traded fund’s stock valued at $3,898,000 after purchasing an additional 144,693 shares during the last quarter. Finally, Genesis Financial Group LLC acquired a new position in shares of ProShares UltraShort Gold in the 4th quarter valued at $2,395,000.

ProShares UltraShort Gold Company Profile

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