ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) Shares Gap Down – Should You Sell?

Shares of ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) gapped down before the market opened on Monday . The stock had previously closed at $25.15, but opened at $24.08. ProShares UltraShort Bloomberg Crude Oil shares last traded at $23.78, with a volume of 1,871,412 shares.

ProShares UltraShort Bloomberg Crude Oil Price Performance

The stock has a 50-day simple moving average of $28.68 and a 200-day simple moving average of $32.61.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Brookstone Capital Management acquired a new position in ProShares UltraShort Bloomberg Crude Oil during the 1st quarter worth $8,930,000. Talon Private Wealth LLC acquired a new stake in shares of ProShares UltraShort Bloomberg Crude Oil in the 1st quarter valued at about $8,517,000. Spectrum Financial Alliance Ltd LLC acquired a new stake in shares of ProShares UltraShort Bloomberg Crude Oil in the 1st quarter valued at about $5,611,000. Group One Trading LLC lifted its position in shares of ProShares UltraShort Bloomberg Crude Oil by 607.7% during the first quarter. Group One Trading LLC now owns 223,321 shares of the exchange traded fund’s stock worth $1,858,000 after purchasing an additional 191,767 shares during the last quarter. Finally, Jump Financial LLC bought a new position in shares of ProShares UltraShort Bloomberg Crude Oil during the second quarter worth about $3,076,000.

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.