ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) Short Interest Update

ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) was the target of a large drop in short interest in May. As of May 29th, there was short interest totaling 5,986,244 shares, a drop of 55.0% from the May 14th total of 13,308,766 shares. Currently, 14.9% of the company’s stock are sold short. Based on an average daily volume of 15,971,422 shares, the days-to-cover ratio is currently 0.4 days.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. JPMorgan Chase & Co. bought a new position in shares of ProShares UltraShort Bloomberg Crude Oil during the 3rd quarter valued at $61,000. Cassaday & Co Wealth Management LLC bought a new position in shares of ProShares UltraShort Bloomberg Crude Oil during the 1st quarter valued at $30,000. Raymond James Financial Inc. bought a new position in shares of ProShares UltraShort Bloomberg Crude Oil during the 2nd quarter valued at $70,000. Waverly Advisors LLC bought a new position in shares of ProShares UltraShort Bloomberg Crude Oil during the 1st quarter valued at $83,000. Finally, Simplicity Wealth LLC bought a new position in shares of ProShares UltraShort Bloomberg Crude Oil during the 1st quarter valued at $91,000.

ProShares UltraShort Bloomberg Crude Oil Stock Up 5.0%

Shares of ProShares UltraShort Bloomberg Crude Oil stock traded up $1.40 during midday trading on Monday, reaching $29.43. 8,515,748 shares of the company’s stock traded hands, compared to its average volume of 8,477,233. The company’s 50 day simple moving average is $27.82 and its 200 day simple moving average is $50.06. ProShares UltraShort Bloomberg Crude Oil has a 52 week low of $22.84 and a 52 week high of $84.14.

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.