ProShares UltraShort Silver (NYSEARCA:ZSL) Shares Gap Down – Should You Sell?

ProShares UltraShort Silver (NYSEARCA:ZSL) shares gapped down prior to trading on Wednesday . The stock had previously closed at $27.27, but opened at $24.62. ProShares UltraShort Silver shares last traded at $24.73, with a volume of 4,265,752 shares changing hands.

ProShares UltraShort Silver Trading Down 8.9%

The company’s 50-day moving average price is $22.66 and its 200-day moving average price is $82.85.

Hedge Funds Weigh In On ProShares UltraShort Silver

A number of large investors have recently added to or reduced their stakes in ZSL. Bank of America Corp DE raised its stake in shares of ProShares UltraShort Silver by 10,161.9% in the 2nd quarter. Bank of America Corp DE now owns 4,310 shares of the exchange traded fund’s stock valued at $111,000 after purchasing an additional 4,268 shares during the period. Aprio Wealth Management LLC acquired a new position in shares of ProShares UltraShort Silver during the fourth quarter worth about $53,000. LPL Financial LLC acquired a new position in shares of ProShares UltraShort Silver during the fourth quarter worth about $53,000. Walser Wealth Management Company A Ltd Liability Co bought a new position in shares of ProShares UltraShort Silver during the fourth quarter worth about $60,000. Finally, Foundations Investment Advisors LLC acquired a new stake in ProShares UltraShort Silver in the 4th quarter valued at approximately $60,000.

About ProShares UltraShort Silver

ProShares UltraShort Silver (the Fund) seeks daily investment results that correspond to twice (200%) the inverse (opposite) of the daily performance of silver bullion as measured by the United States dollar fixing price for delivery in London. The Fund will not directly or physically hold the underlying silver, but instead will seek exposure to silver through the use of financial instruments, whose value is based on the underlying price of silver to pursue their investment objective. The benchmark price of silver will be the United States dollar price of silver bullion as measured by the London fixing price per troy ounce of unallocated silver bullion for delivery in London through a member of the London Bullion Market Association (LBMA) authorized to effect such delivery.