United States Gasoline Fund (NYSEARCA:UGA) Shares Down 1.1% – Here’s Why

United States Gasoline Fund LP (NYSEARCA:UGAGet Free Report) shares traded down 1.1% during mid-day trading on Thursday . The stock traded as low as $67.97 and last traded at $68.49. 11,964 shares were traded during trading, a decline of 65% from the average session volume of 34,186 shares. The stock had previously closed at $69.24.

United States Gasoline Fund Stock Down 1.1%

The company’s 50 day moving average is $64.48 and its 200-day moving average is $64.30.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Exit Wealth Advisors LLC. acquired a new position in United States Gasoline Fund during the third quarter valued at approximately $3,089,000. Merit Financial Group LLC acquired a new position in United States Gasoline Fund in the 4th quarter worth about $2,856,000. Jane Street Group LLC increased its stake in shares of United States Gasoline Fund by 666.0% in the first quarter. Jane Street Group LLC now owns 38,799 shares of the company’s stock valued at $2,493,000 after buying an additional 33,734 shares during the period. Tactive Advisors LLC bought a new stake in United States Gasoline Fund during the 2nd quarter worth approximately $1,968,000. Finally, Cetera Investment Advisers increased its holdings in United States Gasoline Fund by 7.9% in the second quarter. Cetera Investment Advisers now owns 28,174 shares of the company’s stock valued at $1,696,000 after purchasing an additional 2,058 shares during the period.

About United States Gasoline Fund

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United States Gasoline Fund, LP (UGA) is a commodity pool that issues limited partnership interests (shares). The Company is engaged in the trading of futures contracts, options on futures contracts and cleared swaps (derivatives). The investment objective of UGA is for the daily changes in percentage terms of its shares’ per share net asset value to reflect the daily changes in percentage terms of the spot price of gasoline, as measured by the daily changes in the price of the futures contract for gasoline traded on the New York Mercantile Exchange (the NYMEX), that is the near month contract to expire, except when the near month contract is within two weeks of expiration, in which case the futures contract will be the next month contract to expire, less UGA’s expenses.

Further Reading

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