ProShares UltraShort Gold (NYSEARCA:GLL) Share Price Pass Above 200 Day Moving Average – Should You Sell?

ProShares UltraShort Gold (NYSEARCA:GLL) shares passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $21.45 and traded as high as $27.74. ProShares UltraShort Gold shares last traded at $26.99, with a volume of 1,156,093 shares trading hands.

ProShares UltraShort Gold Stock Performance

The stock’s 50 day simple moving average is $23.99 and its 200 day simple moving average is $21.45.

Institutional Investors Weigh In On ProShares UltraShort Gold

Several institutional investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. bought a new stake in ProShares UltraShort Gold in the 2nd quarter worth about $55,000. Bank of America Corp DE raised its stake in ProShares UltraShort Gold by 55,280.0% in the 2nd quarter. Bank of America Corp DE now owns 8,307 shares of the exchange traded fund’s stock valued at $185,000 after acquiring an additional 8,292 shares during the period. BNP Paribas Financial Markets bought a new stake in shares of ProShares UltraShort Gold in the second quarter valued at approximately $809,000. Two Sigma Securities LLC bought a new stake in ProShares UltraShort Gold during the 2nd quarter valued at $336,000. Finally, Genesis Financial Group LLC purchased a new stake in ProShares UltraShort Gold during the 4th quarter worth about $2,395,000.

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.