ProShares UltraPro Short S&P 500 (NYSEARCA:SPXU) Stock Price Down 3.1% – Should You Sell?

ProShares UltraPro Short S&P 500 (NYSEARCA:SPXU)’s share price traded down 3.1% during trading on Friday . The company traded as low as $26.01 and last traded at $26.34. 4,334,363 shares changed hands during mid-day trading, a decline of 66% from the average session volume of 12,770,586 shares. The stock had previously closed at $27.19.

ProShares UltraPro Short S&P 500 Price Performance

The company has a 50-day simple moving average of $21.88 and a two-hundred day simple moving average of $23.04.

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

Several hedge funds have recently made changes to their positions in SPXU. Larson Financial Group LLC purchased a new position in shares of ProShares UltraPro Short S&P 500 in the 3rd quarter worth about $301,000. DRW Securities LLC bought a new position in shares of ProShares UltraPro Short S&P 500 in the third quarter worth approximately $1,090,000. Edgestream Partners L.P. purchased a new stake in shares of ProShares UltraPro Short S&P 500 during the third quarter valued at approximately $287,000. Cadent Capital Advisors LLC bought a new stake in shares of ProShares UltraPro Short S&P 500 during the fourth quarter valued at approximately $11,379,000. Finally, Ridgepath Capital Management LLC purchased a new position in ProShares UltraPro Short S&P 500 in the 4th quarter worth approximately $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.