ProShares UltraShort Silver (NYSEARCA:ZSL) Shares Gap Down – Should You Sell?

ProShares UltraShort Silver (NYSEARCA:ZSL) gapped down before the market opened on Tuesday . The stock had previously closed at $18.43, but opened at $17.08. ProShares UltraShort Silver shares last traded at $17.60, with a volume of 10,698,503 shares.

ProShares UltraShort Silver Stock Down 5.2%

The firm’s fifty day moving average is $27.28 and its 200 day moving average is $97.35.

Hedge Funds Weigh In On ProShares UltraShort Silver

Large investors have recently made changes to their positions in the business. Bank of America Corp DE boosted its stake in 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 valued at $111,000 after purchasing an additional 4,268 shares during the period. Aprio Wealth Management LLC bought a new stake in shares of ProShares UltraShort Silver in the fourth quarter valued at approximately $53,000. LPL Financial LLC acquired a new stake in shares of ProShares UltraShort Silver in the fourth quarter worth $53,000. Walser Wealth Management Company A Ltd Liability Co bought a new position in ProShares UltraShort Silver during the fourth quarter worth $60,000. Finally, Foundations Investment Advisors LLC acquired a new position in ProShares UltraShort Silver during the 4th quarter valued at $60,000.

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.