ProShares UltraShort Silver (NYSEARCA:ZSL) Shares Down 6.1% – Here’s Why

ProShares UltraShort Silver (NYSEARCA:ZSL)’s stock price fell 6.1% during trading on Friday . The stock traded as low as $2.18 and last traded at $2.2260. 27,441,746 shares changed hands during mid-day trading, a decline of 90% from the average session volume of 284,771,938 shares. The stock had previously closed at $2.37.

ProShares UltraShort Silver Stock Down 10.8%

The company has a 50-day moving average price of $3.80 and a two-hundred day moving average price of $11.70.

ProShares UltraShort Silver’s stock is 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 market closes on Wednesday, February 25th.

Hedge Funds Weigh In On ProShares UltraShort Silver

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Altfest L J & Co. Inc. purchased a new stake in shares of ProShares UltraShort Silver during the fourth quarter worth about $2,579,000. Jump Financial LLC purchased a new stake in ProShares UltraShort Silver during the 4th quarter worth approximately $998,000. StoneX Group Inc. acquired a new position in shares of ProShares UltraShort Silver in the 4th quarter valued at approximately $320,000. Raffles Associates LP acquired a new position in shares of ProShares UltraShort Silver in the 4th quarter valued at approximately $267,000. Finally, Barclays PLC purchased a new position in shares of ProShares UltraShort Silver during the 4th quarter valued at approximately $181,000.

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.