ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) Shares Gap Up – Here’s Why

ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO)’s share price gapped up before the market opened on Friday . The stock had previously closed at $7.72, but opened at $8.55. ProShares UltraShort Bloomberg Crude Oil shares last traded at $8.64, with a volume of 22,041,692 shares.

ProShares UltraShort Bloomberg Crude Oil Price Performance

The firm’s fifty day moving average price is $10.74 and its 200 day moving average price is $15.78.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Brookstone Capital Management purchased a new position in ProShares UltraShort Bloomberg Crude Oil in the 1st quarter valued at approximately $8,930,000. Jump Financial LLC purchased a new stake in ProShares UltraShort Bloomberg Crude Oil during the 2nd quarter worth about $3,076,000. Quadrature Capital Ltd acquired a new stake in ProShares UltraShort Bloomberg Crude Oil in the 3rd quarter valued at about $1,844,000. Corigliano Investment Advisers LLC acquired a new stake in ProShares UltraShort Bloomberg Crude Oil in the 4th quarter valued at about $941,000. Finally, Tower Research Capital LLC TRC boosted its stake in shares of ProShares UltraShort Bloomberg Crude Oil by 237.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 64,182 shares of the exchange traded fund’s stock valued at $1,159,000 after buying an additional 45,164 shares during the period.

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.