ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) Hits New 52-Week Low – Here’s Why

ProShares UltraShort Bloomberg Crude Oil (NYSEARCA:SCO) shares hit a new 52-week low during trading on Monday . The stock traded as low as $6.00 and last traded at $6.01, with a volume of 13486492 shares trading hands. The stock had previously closed at $6.03.

ProShares UltraShort Bloomberg Crude Oil Stock Performance

The firm has a 50 day simple moving average of $7.72 and a 200 day simple moving average of $14.11.

Shares of ProShares UltraShort Bloomberg Crude Oil are scheduled to reverse split on Thursday, May 28th. The 1-4 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the market closes on Wednesday, May 27th.

Hedge Funds Weigh In On ProShares UltraShort Bloomberg Crude Oil

Hedge funds and other institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. bought a new position in shares of ProShares UltraShort Bloomberg Crude Oil during the 3rd quarter valued at $61,000. Cassaday & Co Wealth Management LLC bought a new position in shares of ProShares UltraShort Bloomberg Crude Oil during the 1st quarter valued at $30,000. Raymond James Financial Inc. bought a new position in shares of ProShares UltraShort Bloomberg Crude Oil during the 2nd quarter valued at $70,000. Waverly Advisors LLC bought a new position in shares of ProShares UltraShort Bloomberg Crude Oil during the 1st quarter valued at $83,000. Finally, Simplicity Wealth LLC bought a new position in shares of ProShares UltraShort Bloomberg Crude Oil during the 1st quarter valued at $91,000.

About ProShares UltraShort Bloomberg Crude Oil

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.