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

ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) shares gapped up prior to trading on Tuesday . The stock had previously closed at $24.33, but opened at $25.40. ProShares UltraShort Bloomberg Crude Oil shares last traded at $25.46, with a volume of 1,077,983 shares.

ProShares UltraShort Bloomberg Crude Oil Stock Performance

The stock’s 50 day moving average is $29.57 and its 200 day moving average is $34.20.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. purchased a new position in ProShares UltraShort Bloomberg Crude Oil during the 3rd quarter valued at about $61,000. Cassaday & Co Wealth Management LLC purchased a new stake in shares of ProShares UltraShort Bloomberg Crude Oil in the first quarter worth about $30,000. Raymond James Financial Inc. bought a new position in shares of ProShares UltraShort Bloomberg Crude Oil in the second quarter valued at approximately $70,000. Waverly Advisors LLC bought a new position in shares of ProShares UltraShort Bloomberg Crude Oil in the first quarter valued at approximately $83,000. Finally, Simplicity Wealth LLC purchased a new position in ProShares UltraShort Bloomberg Crude Oil during the first quarter valued at approximately $91,000.

ProShares UltraShort Bloomberg Crude Oil Company Profile

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.