ProShares UltraPro Short S&P 500 (NYSEARCA:SPXU) Shares Gap Up – Still a Buy?

ProShares UltraPro Short S&P 500 (NYSEARCA:SPXU)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $23.97, but opened at $25.01. ProShares UltraPro Short S&P 500 shares last traded at $25.27, with a volume of 3,043,393 shares.

ProShares UltraPro Short S&P 500 Stock Up 5.9 %

The firm’s 50 day simple moving average is $21.57 and its two-hundred day simple moving average is $23.00.

Hedge Funds Weigh In On ProShares UltraPro Short S&P 500

A number of hedge funds and other institutional investors have recently modified their holdings of SPXU. Integrated Advisors Network LLC raised its holdings in shares of ProShares UltraPro Short S&P 500 by 121.7% in the 4th quarter. Integrated Advisors Network LLC now owns 23,500 shares of the exchange traded fund’s stock worth $529,000 after purchasing an additional 12,900 shares during the period. GTS Securities LLC raised its stake in shares of ProShares UltraPro Short S&P 500 by 2,456.3% in the fourth quarter. GTS Securities LLC now owns 193,203 shares of the exchange traded fund’s stock valued at $4,362,000 after buying an additional 185,645 shares during the period. Two Sigma Securities LLC bought a new stake in ProShares UltraPro Short S&P 500 in the 4th quarter valued at about $721,000. Headlands Technologies LLC purchased a new position in ProShares UltraPro Short S&P 500 in the 4th quarter worth approximately $1,627,000. Finally, Axxcess Wealth Management LLC bought a new position in shares of ProShares UltraPro Short S&P 500 in the 4th quarter worth $4,112,000.

About ProShares UltraPro Short S&P 500

The Fund seeks daily investment results that correspond to triple the inverse of the daily performance of the Index. The Fund invests in derivatives that it believes should have similar daily return characteristics as triple the inverse of the daily performance of the Index.