ProShares Ultra TSLA (NYSEARCA:TSLI) Stock Falls 4.6% – What’s Next?

Shares of ProShares Ultra TSLA (NYSEARCA:TSLI) were down 4.6% during trading on Friday. The company traded as low as $16.50 and last traded at $16.63. Approximately 10,148 shares traded hands during mid-day trading, a decline of 41% from the average session volume of 17,181 shares. The stock had previously closed at $17.43.

ProShares Ultra TSLA Stock Down 4.6%

The company has a fifty day moving average price of $17.61 and a 200 day moving average price of $21.22.

Hedge Funds Weigh In On ProShares Ultra TSLA

A hedge fund recently raised its stake in ProShares Ultra TSLA stock. Optiver Holding B.V. increased its holdings in ProShares Ultra TSLA (NYSEARCA:TSLI) by 9.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,258 shares of the company’s stock after acquiring an additional 830 shares during the quarter. Optiver Holding B.V. owned about 10.29% of ProShares Ultra TSLA worth $209,000 as of its most recent filing with the Securities and Exchange Commission (SEC). 6.01% of the stock is owned by institutional investors.

About ProShares Ultra TSLA

The GraniteShares 1x Short TSLA Daily ETF (TSLI) is an exchange-traded fund that is based on the Tesla, Inc index. The fund provides inverse (-1x) exposure, less fees and expenses, to the daily price movement for shares of Tesla stock. TSLI was launched on Aug 9, 2022 and is managed by GraniteShares.