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

ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) gapped up before the market opened on Wednesday . The stock had previously closed at $6.35, but opened at $6.99. ProShares UltraShort Bloomberg Crude Oil shares last traded at $6.99, with a volume of 31,353,611 shares trading hands.

ProShares UltraShort Bloomberg Crude Oil Trading Up 11.8%

The company has a 50 day simple moving average of $9.08 and a 200-day simple moving average of $14.98.

Institutional Trading of ProShares UltraShort Bloomberg Crude Oil

A number of institutional investors and hedge funds have recently made changes to their positions in SCO. Brookstone Capital Management acquired a new stake in shares of ProShares UltraShort Bloomberg Crude Oil during the 1st quarter worth approximately $8,930,000. Spectrum Financial Alliance Ltd LLC acquired a new stake in shares of ProShares UltraShort Bloomberg Crude Oil during the 1st quarter worth approximately $5,611,000. Jump Financial LLC acquired a new stake in shares of ProShares UltraShort Bloomberg Crude Oil during the 2nd quarter worth approximately $3,076,000. Quadrature Capital Ltd acquired a new stake in shares of ProShares UltraShort Bloomberg Crude Oil during the 3rd quarter worth approximately $1,844,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of ProShares UltraShort Bloomberg Crude Oil during the 1st quarter worth approximately $832,000.

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.