ProShares Ultra Bloomberg Crude Oil (NYSEARCA:UCO) Shares Gap Down – Should You Sell?

ProShares Ultra Bloomberg Crude Oil (NYSEARCA:UCO)’s share price gapped down before the market opened on Monday . The stock had previously closed at $29.62, but opened at $28.77. ProShares Ultra Bloomberg Crude Oil shares last traded at $28.94, with a volume of 366,800 shares trading hands.

ProShares Ultra Bloomberg Crude Oil Stock Performance

The stock has a 50 day moving average price of $27.69 and a 200 day moving average price of $30.78.

Institutional Trading of ProShares Ultra Bloomberg Crude Oil

Hedge funds have recently added to or reduced their stakes in the stock. Private Advisor Group LLC grew its position in shares of ProShares Ultra Bloomberg Crude Oil by 0.5% during the 1st quarter. Private Advisor Group LLC now owns 67,400 shares of the exchange traded fund’s stock valued at $2,224,000 after acquiring an additional 350 shares during the period. Brookstone Capital Management bought a new position in shares of ProShares Ultra Bloomberg Crude Oil during the 1st quarter worth $218,000. Headlands Technologies LLC purchased a new stake in ProShares Ultra Bloomberg Crude Oil in the 1st quarter worth about $317,000. Quadrature Capital Ltd bought a new stake in ProShares Ultra Bloomberg Crude Oil in the 1st quarter valued at about $396,000. Finally, Texas Capital Bank Wealth Management Services Inc bought a new stake in ProShares Ultra Bloomberg Crude Oil in the 1st quarter valued at about $1,650,000.

ProShares Ultra Bloomberg Crude Oil Company Profile

ProShares Ultra DJ-UBS Crude Oil seeks daily investment results that correspond to twice (200%) the daily performance of the Dow Jones UBS Crude Oil Sub-Index. The Dow Jones-UBS Crude Oil Sub-Index is intended to reflect the performance of crude oil as measured by the price of futures contracts of sweet, light crude oil traded on the New York Mercantile Exchange (the NYMEX), including roll costs, without regard to income earned on cash positions.