ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) Hits New 52-Week Low – What’s Next?

ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) shares hit a new 52-week low during trading on Wednesday. The company traded as low as $15.70 and last traded at $15.71, with a volume of 1,741,307 shares traded. The stock had previously closed at $16.25.

ProShares UltraShort Bloomberg Crude Oil Stock Performance

The company has a 50 day simple moving average of $20.38 and a two-hundred day simple moving average of $34.08.

Hedge Funds Weigh In On ProShares UltraShort Bloomberg Crude Oil

Hedge funds and other institutional investors have recently bought and sold shares of the business. NewEdge Advisors LLC purchased a new position in ProShares UltraShort Bloomberg Crude Oil during the 1st quarter worth approximately $144,000. Integrated Investment Consultants LLC purchased a new stake in shares of ProShares UltraShort Bloomberg Crude Oil in the 1st quarter valued at $946,000. Arkadios Wealth Advisors purchased a new stake in shares of ProShares UltraShort Bloomberg Crude Oil in the 1st quarter valued at $108,000. Talon Private Wealth LLC purchased a new stake in shares of ProShares UltraShort Bloomberg Crude Oil in the 1st quarter valued at $8,517,000. Finally, Waverly Advisors LLC acquired a new stake in shares of ProShares UltraShort Bloomberg Crude Oil in the first quarter worth $83,000.

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.