ProShares UltraShort Silver (NYSEARCA:ZSL) Shares Gap Up – Should You Buy?

ProShares UltraShort Silver (NYSEARCA:ZSL)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $2.51, but opened at $2.69. ProShares UltraShort Silver shares last traded at $2.7860, with a volume of 58,982,880 shares traded.

ProShares UltraShort Silver Price Performance

The business’s fifty day moving average is $4.11 and its two-hundred day moving average is $11.99.

Shares of ProShares UltraShort Silver are scheduled to reverse split before the market opens on Thursday, February 26th. The 1-10 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the closing bell on Wednesday, February 25th.

Hedge Funds Weigh In On ProShares UltraShort Silver

A number of hedge funds and other institutional investors have recently modified their holdings of ZSL. Flow Traders U.S. LLC boosted its position in shares of ProShares UltraShort Silver by 159.2% in the 2nd quarter. Flow Traders U.S. LLC now owns 50,666 shares of the exchange traded fund’s stock worth $1,308,000 after purchasing an additional 31,120 shares in the last quarter. Bank of America Corp DE boosted its stake in ProShares UltraShort Silver by 10,161.9% in the 2nd quarter. Bank of America Corp DE now owns 4,310 shares of the exchange traded fund’s stock worth $111,000 after purchasing an additional 4,268 shares in the last quarter. Altfest L J & Co. Inc. purchased a new stake in ProShares UltraShort Silver during the 4th quarter worth approximately $2,579,000. Aprio Wealth Management LLC purchased a new position in shares of ProShares UltraShort Silver in the fourth quarter worth $53,000. Finally, Mission Wealth Management LP acquired a new stake in ProShares UltraShort Silver during the 4th quarter worth about $107,000.

About ProShares UltraShort Silver

ProShares UltraShort Silver (the Fund) seeks daily investment results that correspond to twice (200%) the inverse (opposite) of the daily performance of silver bullion as measured by the United States dollar fixing price for delivery in London. The Fund will not directly or physically hold the underlying silver, but instead will seek exposure to silver through the use of financial instruments, whose value is based on the underlying price of silver to pursue their investment objective. The benchmark price of silver will be the United States dollar price of silver bullion as measured by the London fixing price per troy ounce of unallocated silver bullion for delivery in London through a member of the London Bullion Market Association (LBMA) authorized to effect such delivery.