ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) Reaches New 1-Year Low – Should You Sell?

ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO)’s stock price hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $6.08 and last traded at $6.10, with a volume of 7233549 shares. The stock had previously closed at $6.41.

ProShares UltraShort Bloomberg Crude Oil Price Performance

The firm’s fifty day moving average is $8.17 and its 200-day moving average is $14.45.

Shares of ProShares UltraShort Bloomberg Crude Oil are scheduled to reverse split on the morning of Thursday, May 28th. The 1-4 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the closing bell on Wednesday, May 27th.

Hedge Funds Weigh In On ProShares UltraShort Bloomberg Crude Oil

Several large investors have recently made changes to their positions in the stock. Jump Financial LLC acquired a new stake in ProShares UltraShort Bloomberg Crude Oil in the 2nd quarter valued at approximately $3,076,000. Raymond James Financial Inc. acquired a new position in ProShares UltraShort Bloomberg Crude Oil during the second quarter worth $70,000. Group One Trading LLC boosted its position in shares of ProShares UltraShort Bloomberg Crude Oil by 64.4% during the second quarter. Group One Trading LLC now owns 56,155 shares of the exchange traded fund’s stock worth $1,014,000 after buying an additional 21,999 shares during the period. Tower Research Capital LLC TRC boosted its position in shares of ProShares UltraShort Bloomberg Crude Oil by 237.5% during the second quarter. Tower Research Capital LLC TRC now owns 64,182 shares of the exchange traded fund’s stock worth $1,159,000 after buying an additional 45,164 shares during the period. Finally, JPMorgan Chase & Co. acquired a new stake in shares of ProShares UltraShort Bloomberg Crude Oil in the third quarter valued at $61,000.

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.