ProShares UltraShort Silver (NYSEARCA:ZSL) Shares Gap Down – Should You Sell?

ProShares UltraShort Silver (NYSEARCA:ZSL) shares gapped down prior to trading on Tuesday . The stock had previously closed at $2.56, but opened at $2.04. ProShares UltraShort Silver shares last traded at $1.9750, with a volume of 77,694,187 shares changing hands.

ProShares UltraShort Silver Stock Up 39.0%

The firm has a fifty day moving average of $5.20 and a 200 day moving average of $13.20.

Hedge Funds Weigh In On ProShares UltraShort Silver

Hedge funds have recently made changes to their positions in the company. Altfest L J & Co. Inc. purchased a new stake in shares of ProShares UltraShort Silver in the 4th quarter valued at about $2,579,000. Flow Traders U.S. LLC increased its position in ProShares UltraShort Silver by 159.2% during the second quarter. Flow Traders U.S. LLC now owns 50,666 shares of the exchange traded fund’s stock worth $1,308,000 after buying an additional 31,120 shares during the period. Mission Wealth Management LP purchased a new stake in ProShares UltraShort Silver in the fourth quarter valued at approximately $107,000. Aprio Wealth Management LLC purchased a new stake in ProShares UltraShort Silver in the fourth quarter valued at approximately $53,000. Finally, Bank of America Corp DE boosted its holdings in shares of ProShares UltraShort Silver by 10,161.9% in the second quarter. Bank of America Corp DE now owns 4,310 shares of the exchange traded fund’s stock valued at $111,000 after acquiring an additional 4,268 shares during the period.

ProShares UltraShort Silver Company Profile

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