ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) Reaches New 12-Month Low – Time to Sell?

ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO)’s share price reached a new 52-week low during mid-day trading on Wednesday. The company traded as low as $15.70 and last traded at $15.71, with a volume of 1,741,307 shares trading hands. The stock had previously closed at $16.25.

ProShares UltraShort Bloomberg Crude Oil Stock Down 0.3%

The firm’s fifty day moving average price is $20.03 and its 200 day moving average price is $33.49.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of SCO. Cassaday & Co Wealth Management LLC purchased a new stake in shares of ProShares UltraShort Bloomberg Crude Oil in the 1st quarter valued at $30,000. Waverly Advisors LLC acquired a new position in ProShares UltraShort Bloomberg Crude Oil in the 1st quarter valued at about $83,000. Simplicity Wealth LLC acquired a new position in ProShares UltraShort Bloomberg Crude Oil in the 1st quarter valued at about $91,000. Arkadios Wealth Advisors purchased a new stake in ProShares UltraShort Bloomberg Crude Oil during the first quarter worth about $108,000. Finally, NewEdge Advisors LLC purchased a new stake in ProShares UltraShort Bloomberg Crude Oil during the first quarter worth about $144,000.

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.