ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) Trading Up 6% – Time to Buy?

ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO)’s stock price were up 6% during mid-day trading on Tuesday . The company traded as high as $27.10 and last traded at $26.86. Approximately 4,724,434 shares were traded 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 Trading Up 3.7%

The company has a fifty day moving average of $28.38 and a 200-day moving average of $51.79.

Institutional Investors Weigh In On ProShares UltraShort Bloomberg Crude Oil

Institutional investors have recently made changes to their positions in the company. Cassaday & Co Wealth Management LLC bought a new stake in shares of ProShares UltraShort Bloomberg Crude Oil in the 1st quarter valued at approximately $30,000. JPMorgan Chase & Co. acquired a new stake in ProShares UltraShort Bloomberg Crude Oil in the third quarter valued at approximately $61,000. Raymond James Financial Inc. bought a new stake in ProShares UltraShort Bloomberg Crude Oil in the second quarter worth approximately $70,000. Waverly Advisors LLC bought a new stake in ProShares UltraShort Bloomberg Crude Oil in the first quarter worth approximately $83,000. Finally, Simplicity Wealth LLC acquired a new position in shares of ProShares UltraShort Bloomberg Crude Oil during the 1st quarter worth $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.