ProShares UltraPro Short S&P 500 (NYSEARCA:SPXU) Shares Gap Up – Here’s Why

ProShares UltraPro Short S&P 500 (NYSEARCA:SPXU) shares gapped up before the market opened on Friday . The stock had previously closed at $25.16, but opened at $25.84. ProShares UltraPro Short S&P 500 shares last traded at $25.81, with a volume of 2,484,718 shares traded.

ProShares UltraPro Short S&P 500 Stock Performance

The stock has a 50 day simple moving average of $22.25 and a two-hundred day simple moving average of $22.96.

Hedge Funds Weigh In On ProShares UltraPro Short S&P 500

Several institutional investors have recently bought and sold shares of SPXU. Edgestream Partners L.P. purchased a new stake in shares of ProShares UltraPro Short S&P 500 during the third quarter worth $287,000. Larson Financial Group LLC purchased a new stake in ProShares UltraPro Short S&P 500 during the 3rd quarter worth about $301,000. Integrated Advisors Network LLC raised its position in ProShares UltraPro Short S&P 500 by 121.7% in the 4th quarter. Integrated Advisors Network LLC now owns 23,500 shares of the exchange traded fund’s stock valued at $529,000 after purchasing an additional 12,900 shares in the last quarter. Sollinda Capital Management LLC purchased a new position in shares of ProShares UltraPro Short S&P 500 in the 4th quarter valued at about $612,000. Finally, Two Sigma Securities LLC acquired a new position in shares of ProShares UltraPro Short S&P 500 during the fourth quarter worth about $721,000.

About ProShares UltraPro Short S&P 500

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.