ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) Hits New 52-Week Low – Here’s Why

ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO)’s stock price reached a new 52-week low during mid-day trading on Tuesday . The company traded as low as $21.75 and last traded at $21.83, with a volume of 1662561 shares. The stock had previously closed at $22.44.

ProShares UltraShort Bloomberg Crude Oil Price Performance

The firm’s 50-day simple moving average is $27.13 and its 200 day simple moving average is $30.90.

Institutional Trading of ProShares UltraShort Bloomberg Crude Oil

Hedge funds and other institutional investors have recently made changes to their positions in the business. JPMorgan Chase & Co. bought a new stake in ProShares UltraShort Bloomberg Crude Oil during the third quarter worth approximately $61,000. Cassaday & Co Wealth Management LLC bought a new position in shares of ProShares UltraShort Bloomberg Crude Oil in the first quarter valued at $30,000. Raymond James Financial Inc. acquired a new stake in shares of ProShares UltraShort Bloomberg Crude Oil during the 2nd quarter valued at $70,000. Waverly Advisors LLC acquired a new stake in shares of ProShares UltraShort Bloomberg Crude Oil during the 1st quarter valued at $83,000. Finally, Simplicity Wealth LLC bought a new stake in shares of ProShares UltraShort Bloomberg Crude Oil during the 1st quarter worth $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.