ProShares UltraPro Short S&P 500 (NYSEARCA:SPXU) Shares Gap Up – Should You Buy?

by · The Markets Daily

ProShares UltraPro Short S&P 500 (NYSEARCA:SPXU – Get Free Report)’s share price gapped up before the market opened on Friday . The stock had previously closed at $13.21, but opened at $13.64. ProShares UltraPro Short S&P 500 shares last traded at $13.2450, with a volume of 13,487,716 shares changing hands.

ProShares UltraPro Short S&P 500 Price Performance

The firm’s fifty day moving average price is $13.50 and its 200 day moving average price is $16.26.

ProShares UltraPro Short S&P 500 shares are scheduled to reverse split before the market opens on Thursday, November 20th. The 1-4 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the market closes on Wednesday, November 19th.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of SPXU. IMC Chicago LLC bought a new stake in ProShares UltraPro Short S&P 500 in the third quarter worth $11,702,000. Jump Financial LLC bought a new stake in shares of ProShares UltraPro Short S&P 500 in the 1st quarter worth about $17,505,000. Sollinda Capital Management LLC purchased a new stake in shares of ProShares UltraPro Short S&P 500 during the 3rd quarter valued at about $9,177,000. Ridgepath Capital Management LLC bought a new position in shares of ProShares UltraPro Short S&P 500 in the 3rd quarter valued at about $7,814,000. Finally, Axxcess Wealth Management LLC bought a new position in shares of ProShares UltraPro Short S&P 500 in the 3rd quarter valued at about $7,814,000.

ProShares UltraPro Short S&P 500 Company Profile

(Get Free Report)

The Fund seeks daily investment results that correspond to triple the inverse of the daily performance of the Index. The Fund invests in derivatives that it believes should have similar daily return characteristics as triple the inverse of the daily performance of the Index.

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