ProShares UltraPro Short S&P 500 (NYSEARCA:SPXU) Shares Down 5.9% – What’s Next?

ProShares UltraPro Short S&P 500 (NYSEARCA:SPXU) shares dropped 5.9% during trading on Thursday . The stock traded as low as $39.10 and last traded at $38.7140. Approximately 14,627,310 shares changed hands during mid-day trading, an increase of 65% from the average daily volume of 8,887,653 shares. The stock had previously closed at $41.13.

ProShares UltraPro Short S&P 500 Stock Down 5.2%

The company’s fifty day simple moving average is $42.70 and its 200 day simple moving average is $47.75.

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

Several large investors have recently made changes to their positions in SPXU. Integrated Advisors Network LLC bought a new stake in ProShares UltraPro Short S&P 500 in the 3rd quarter worth approximately $338,000. Corient IA LLC bought a new stake in ProShares UltraPro Short S&P 500 in the 3rd quarter worth approximately $216,000. JPMorgan Chase & Co. grew its position in ProShares UltraPro Short S&P 500 by 16,249.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 322,244 shares of the exchange traded fund’s stock worth $4,354,000 after purchasing an additional 320,273 shares during the period. Axxcess Wealth Management LLC bought a new stake in ProShares UltraPro Short S&P 500 in the 3rd quarter worth approximately $7,814,000. Finally, NewEdge Advisors LLC bought a new stake in ProShares UltraPro Short S&P 500 in the 1st quarter worth approximately $329,000.

ProShares UltraPro Short S&P 500 Company Profile

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.