ProShares UltraShort Silver (NYSEARCA:ZSL) Shares Gap Up – Time to Buy?

ProShares UltraShort Silver (NYSEARCA:ZSL) gapped up prior to trading on Thursday . The stock had previously closed at $22.58, but opened at $25.53. ProShares UltraShort Silver shares last traded at $25.26, with a volume of 4,014,549 shares traded.

ProShares UltraShort Silver Stock Performance

The company’s 50-day moving average price is $22.21 and its 200 day moving average price is $76.56.

Hedge Funds Weigh In On ProShares UltraShort Silver

Hedge funds have recently made changes to their positions in the business. 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 position in ProShares UltraShort Silver in the 4th quarter worth approximately $998,000. StoneX Group Inc. purchased a new position in ProShares UltraShort Silver in the 4th quarter worth approximately $320,000. Raffles Associates LP bought a new position in ProShares UltraShort Silver in the 4th quarter worth approximately $267,000. Finally, Barclays PLC bought a new position in ProShares UltraShort Silver in the 4th quarter worth approximately $181,000.

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.