ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) Shares Gap Up – Should You Buy?

ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) gapped up prior to trading on Wednesday . The stock had previously closed at $33.15, but opened at $35.18. ProShares UltraShort Bloomberg Crude Oil shares last traded at $35.37, with a volume of 4,971,764 shares trading hands.

ProShares UltraShort Bloomberg Crude Oil Stock Up 6.8%

The business’s fifty day moving average is $27.80 and its two-hundred day moving average is $48.23.

Hedge Funds Weigh In On ProShares UltraShort Bloomberg Crude Oil

Several institutional investors have recently modified their holdings of SCO. Cassaday & Co Wealth Management LLC acquired a new stake in shares of ProShares UltraShort Bloomberg Crude Oil in the first quarter valued at $30,000. JPMorgan Chase & Co. purchased a new stake in ProShares UltraShort Bloomberg Crude Oil during the 3rd quarter worth about $61,000. Raymond James Financial Inc. purchased a new stake in ProShares UltraShort Bloomberg Crude Oil during the 2nd quarter worth about $70,000. Waverly Advisors LLC purchased a new stake in ProShares UltraShort Bloomberg Crude Oil during the 1st quarter worth about $83,000. Finally, Simplicity Wealth LLC acquired a new stake in ProShares UltraShort Bloomberg Crude Oil in the 1st quarter valued at about $91,000.

About ProShares UltraShort Bloomberg Crude Oil

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.