ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) Shares Gap Up – Time to Buy?

ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) gapped up prior to trading on Monday . The stock had previously closed at $25.58, but opened at $27.24. ProShares UltraShort Bloomberg Crude Oil shares last traded at $27.38, with a volume of 1,969,984 shares trading hands.

ProShares UltraShort Bloomberg Crude Oil Trading Up 8.4%

The firm has a fifty day moving average of $29.21 and a 200-day moving average of $40.69.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. NewEdge Advisors LLC acquired a new position in shares of ProShares UltraShort Bloomberg Crude Oil during the 1st quarter worth $144,000. Integrated Investment Consultants LLC acquired a new stake in ProShares UltraShort Bloomberg Crude Oil in the 1st quarter valued at about $946,000. Arkadios Wealth Advisors acquired a new stake in ProShares UltraShort Bloomberg Crude Oil in the 1st quarter valued at about $108,000. Talon Private Wealth LLC acquired a new stake in ProShares UltraShort Bloomberg Crude Oil in the 1st quarter valued at about $8,517,000. Finally, Waverly Advisors LLC purchased a new position in ProShares UltraShort Bloomberg Crude Oil during the 1st quarter valued at about $83,000.

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.