ProShares UltraShort Silver (NYSEARCA:ZSL) Stock Price Up 21.5% – Still a Buy?

ProShares UltraShort Silver (NYSEARCA:ZSL) shares were up 21.5% during trading on Tuesday . The stock traded as high as $21.68 and last traded at $21.0140. 14,740,188 shares were traded during trading, a decline of 45% from the average session volume of 26,680,902 shares. The stock had previously closed at $17.29.

ProShares UltraShort Silver Stock Performance

The firm’s 50 day moving average price is $30.73 and its two-hundred day moving average price is $104.87.

Hedge Funds Weigh In On ProShares UltraShort Silver

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE boosted its holdings in shares of ProShares UltraShort Silver by 10,161.9% during the 2nd quarter. Bank of America Corp DE now owns 4,310 shares of the exchange traded fund’s stock worth $111,000 after buying an additional 4,268 shares during the period. Aprio Wealth Management LLC acquired a new stake in ProShares UltraShort Silver during the fourth quarter worth approximately $53,000. LPL Financial LLC acquired a new position in shares of ProShares UltraShort Silver in the fourth quarter valued at approximately $53,000. Walser Wealth Management Company A Ltd Liability Co bought a new position in shares of ProShares UltraShort Silver during the fourth quarter worth approximately $60,000. Finally, Foundations Investment Advisors LLC acquired a new stake in ProShares UltraShort Silver during the 4th quarter worth approximately $60,000.

ProShares UltraShort Silver Company Profile

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.