ProShares UltraShort Silver (NYSEARCA:ZSL) Shares Gap Up – What’s Next?

ProShares UltraShort Silver (NYSEARCA:ZSL)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $1.81, but opened at $1.93. ProShares UltraShort Silver shares last traded at $1.8650, with a volume of 26,927,347 shares traded.

ProShares UltraShort Silver Price Performance

The stock has a 50-day moving average of $3.57 and a two-hundred day moving average of $11.24.

ProShares UltraShort Silver’s stock is scheduled to reverse split on the morning of 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. Flow Traders U.S. LLC lifted its holdings in shares of ProShares UltraShort Silver by 159.2% in the second quarter. Flow Traders U.S. LLC now owns 50,666 shares of the exchange traded fund’s stock valued at $1,308,000 after purchasing an additional 31,120 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of ProShares UltraShort Silver by 10,161.9% during the second quarter. Bank of America Corp DE now owns 4,310 shares of the exchange traded fund’s stock valued at $111,000 after buying an additional 4,268 shares in the last quarter. Altfest L J & Co. Inc. acquired a new position in ProShares UltraShort Silver during the fourth quarter valued at $2,579,000. Aprio Wealth Management LLC purchased a new stake in ProShares UltraShort Silver in the 4th quarter worth about $53,000. Finally, Mission Wealth Management LP purchased a new stake in ProShares UltraShort Silver in the 4th quarter worth about $107,000.

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.