ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) Reaches New 1-Year Low – What’s Next?

ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO)’s share price reached a new 52-week low during trading on Tuesday . The company traded as low as $6.09 and last traded at $6.17, with a volume of 93666425 shares traded. The stock had previously closed at $6.71.

ProShares UltraShort Bloomberg Crude Oil Price Performance

The stock has a fifty day moving average price of $9.24 and a 200 day moving average price of $15.07.

Hedge Funds Weigh In On ProShares UltraShort Bloomberg Crude Oil

Large investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. bought a new position in shares of ProShares UltraShort Bloomberg Crude Oil in the third quarter worth $61,000. Raymond James Financial Inc. bought a new position in shares of ProShares UltraShort Bloomberg Crude Oil in the second quarter worth $70,000. Simplicity Wealth LLC bought a new position in shares of ProShares UltraShort Bloomberg Crude Oil in the first quarter worth $91,000. Nicholson Wealth Management Group LLC bought a new position in shares of ProShares UltraShort Bloomberg Crude Oil in the first quarter worth $175,000. Finally, Bogart Wealth LLC bought a new position in shares of ProShares UltraShort Bloomberg Crude Oil in the first quarter worth $191,000.

ProShares UltraShort Bloomberg Crude Oil Company Profile

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.