ProShares UltraShort Silver (NYSEARCA:ZSL) Shares Gap Down – What’s Next?

ProShares UltraShort Silver (NYSEARCA:ZSL) gapped down prior to trading on Wednesday . The stock had previously closed at $2.74, but opened at $2.47. ProShares UltraShort Silver shares last traded at $2.3950, with a volume of 36,338,358 shares changing hands.

ProShares UltraShort Silver Trading Down 12.9%

The company’s 50-day simple moving average is $4.01 and its 200-day simple moving average is $11.83.

ProShares UltraShort Silver shares are set to reverse split before the market opens on Thursday, February 26th. The 1-10 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the closing bell on Wednesday, February 25th.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Foundations Investment Advisors LLC acquired a new position in ProShares UltraShort Silver in the 4th quarter valued at approximately $60,000. LPL Financial LLC bought a new stake in shares of ProShares UltraShort Silver in the fourth quarter worth $53,000. Bank of America Corp DE increased its holdings in 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 purchasing an additional 4,268 shares during the period. HRT Financial LP bought a new position in ProShares UltraShort Silver during the 4th quarter worth $156,000. Finally, Barclays PLC bought a new position in ProShares UltraShort Silver during the 4th quarter worth $181,000.

About ProShares UltraShort Silver

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.