ProShares Ultra Bloomberg Crude Oil (NYSEARCA:UCO) Hits New 52-Week High – Still a Buy?

ProShares Ultra Bloomberg Crude Oil (NYSEARCA:UCO)’s stock price reached a new 52-week high during mid-day trading on Wednesday. The stock traded as high as $67.39 and last traded at $67.36, with a volume of 388,395 shares traded. The stock had previously closed at $64.89.

ProShares Ultra Bloomberg Crude Oil Stock Performance

The stock’s 50 day simple moving average is $53.94 and its two-hundred day simple moving average is $41.05.

Hedge Funds Weigh In On ProShares Ultra Bloomberg Crude Oil

Institutional investors have recently bought and sold shares of the business. Integrated Wealth Concepts LLC bought a new stake in ProShares Ultra Bloomberg Crude Oil in the second quarter valued at about $38,000. Royal Bank of Canada grew its stake in shares of ProShares Ultra Bloomberg Crude Oil by 48.8% in the first quarter. Royal Bank of Canada now owns 1,000 shares of the exchange traded fund’s stock valued at $39,000 after acquiring an additional 328 shares in the last quarter. Finally, Corient Private Wealth LLC acquired a new stake in shares of ProShares Ultra Bloomberg Crude Oil during the 4th quarter worth $859,000.

About ProShares Ultra Bloomberg Crude Oil

ProShares Ultra DJ-UBS Crude Oil seeks daily investment results that correspond to twice (200%) the daily performance of the Dow Jones UBS Crude Oil Sub-Index. The Dow Jones-UBS Crude Oil Sub-Index is intended to reflect the performance of crude oil as measured by the price of futures contracts of sweet, light crude oil traded on the New York Mercantile Exchange (the NYMEX), including roll costs, without regard to income earned on cash positions.