ProShares UltraPro Short S&P 500 (NYSEARCA:SPXU) Shares Gap Up – Should You Buy?

ProShares UltraPro Short S&P 500 (NYSEARCA:SPXU)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $55.06, but opened at $56.25. ProShares UltraPro Short S&P 500 shares last traded at $56.0970, with a volume of 2,617,309 shares changing hands.

ProShares UltraPro Short S&P 500 Stock Performance

The firm has a 50-day moving average of $49.42 and a 200-day moving average of $51.74.

Institutional Investors Weigh In On ProShares UltraPro Short S&P 500

A number of institutional investors have recently added to or reduced their stakes in the stock. Fortitude Advisory Group L.L.C. purchased a new position in shares of ProShares UltraPro Short S&P 500 in the third quarter worth $157,000. Sollinda Capital Management LLC bought a new position in shares of ProShares UltraPro Short S&P 500 during the 3rd quarter valued at about $9,177,000. Integrated Advisors Network LLC purchased a new position in shares of ProShares UltraPro Short S&P 500 during the third quarter valued at about $338,000. Corient IA LLC bought a new stake in shares of ProShares UltraPro Short S&P 500 in the third quarter worth about $216,000. Finally, Axxcess Wealth Management LLC purchased a new stake in shares of ProShares UltraPro Short S&P 500 during the 3rd quarter worth approximately $7,814,000.

About ProShares UltraPro Short S&P 500

The Fund seeks daily investment results that correspond to triple the inverse of the daily performance of the Index. The Fund invests in derivatives that it believes should have similar daily return characteristics as triple the inverse of the daily performance of the Index.