ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) Trading Up 6% – What’s Next?

ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO)’s stock price rose 6% during trading on Tuesday . The stock traded as high as $27.10 and last traded at $26.86. Approximately 4,724,434 shares changed hands during trading, a decline of 44% from the average daily volume of 8,372,443 shares. The stock had previously closed at $25.34.

ProShares UltraShort Bloomberg Crude Oil Stock Up 3.7%

The business’s fifty day simple moving average is $28.38 and its two-hundred day simple moving average is $51.79.

Hedge Funds Weigh In On ProShares UltraShort Bloomberg Crude Oil

Several large investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. bought a new stake in shares of ProShares UltraShort Bloomberg Crude Oil in the 3rd quarter worth approximately $61,000. Cassaday & Co Wealth Management LLC bought a new position in shares of ProShares UltraShort Bloomberg Crude Oil during the 1st quarter worth about $30,000. Raymond James Financial Inc. acquired a new stake in shares of ProShares UltraShort Bloomberg Crude Oil during the 2nd quarter valued at about $70,000. Waverly Advisors LLC bought a new stake in ProShares UltraShort Bloomberg Crude Oil in the first quarter valued at about $83,000. Finally, Simplicity Wealth LLC acquired a new position in ProShares UltraShort Bloomberg Crude Oil in the first quarter worth about $91,000.

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.