ProShares UltraShort Gold (NYSEARCA:GLL) Stock Price Pass Above 200-Day Moving Average – Here’s Why

ProShares UltraShort Gold (NYSEARCA:GLL)’s share price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $21.59 and traded as high as $23.21. ProShares UltraShort Gold shares last traded at $22.47, with a volume of 2,174,997 shares changing hands.

ProShares UltraShort Gold Price Performance

The company has a 50-day moving average of $25.39 and a 200-day moving average of $21.60.

Institutional Investors Weigh In On ProShares UltraShort Gold

Hedge funds have recently added to or reduced their stakes in the company. Saba Capital Management L.P. acquired a new position in ProShares UltraShort Gold during the 4th quarter worth approximately $9,479,000. Raffles Associates LP purchased a new stake in shares of ProShares UltraShort Gold in the fourth quarter valued at approximately $5,884,000. Hamilton Wealth LLC acquired a new position in ProShares UltraShort Gold during the first quarter worth $3,795,000. Simplex Trading LLC grew its holdings in ProShares UltraShort Gold by 3,304.2% during the fourth quarter. Simplex Trading LLC now owns 149,072 shares of the exchange traded fund’s stock worth $3,898,000 after acquiring an additional 144,693 shares during the period. Finally, Jump Financial LLC purchased a new position in ProShares UltraShort Gold in the fourth quarter worth $1,536,000.

About ProShares UltraShort Gold

ProShares UltraShort Gold (the Fund) seeks daily investment results that correspond to twice (200%) the inverse (opposite) of the daily performance of gold bullion as measured by the United States dollar p.m. fixing price for delivery in London. The Fund will not directly or physically hold the underlying gold, but instead, will seek exposure to gold through the use of financial instruments, whose value is based on the underlying price of gold to pursue their investment objective. The benchmark price of gold will be the United States dollar price of gold bullion as measured by the London afternoon fixing price per troy ounce of unallocated gold bullion for delivery in London through a member of the London Bullion Market Association (LBMA) authorized to effect such delivery.