ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) Hits New 12-Month Low – What’s Next?

ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) shares reached a new 52-week low on Monday. The company traded as low as $16.42 and last traded at $16.45, with a volume of 2,757,351 shares traded. The stock had previously closed at $16.58.

ProShares UltraShort Bloomberg Crude Oil Price Performance

The company’s 50-day simple moving average is $21.64 and its 200-day simple moving average is $26.60.

Institutional Investors Weigh In On ProShares UltraShort Bloomberg Crude Oil

Several institutional investors and hedge funds have recently made changes to their positions in SCO. NewEdge Advisors LLC bought a new position in ProShares UltraShort Bloomberg Crude Oil during the first quarter worth $144,000. Marks Group Wealth Management Inc bought a new stake in ProShares UltraShort Bloomberg Crude Oil in the first quarter valued at $528,000. Bank of New York Mellon Corp bought a new stake in ProShares UltraShort Bloomberg Crude Oil in the first quarter valued at $832,000. IMC Chicago LLC raised its holdings in shares of ProShares UltraShort Bloomberg Crude Oil by 156.1% during the first quarter. IMC Chicago LLC now owns 47,102 shares of the exchange traded fund’s stock valued at $392,000 after purchasing an additional 28,710 shares during the period. Finally, Talon Private Wealth LLC acquired a new position in shares of ProShares UltraShort Bloomberg Crude Oil during the first quarter valued at about $8,517,000.

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.