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

ProShares UltraShort Silver (NYSEARCA:ZSL) gapped down prior to trading on Tuesday . The stock had previously closed at $2.56, but opened at $2.04. ProShares UltraShort Silver shares last traded at $1.9750, with a volume of 77,694,187 shares traded.

ProShares UltraShort Silver Stock Down 12.3%

The stock has a fifty day simple moving average of $5.56 and a 200 day simple moving average of $13.42.

Hedge Funds Weigh In On ProShares UltraShort Silver

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of America Corp DE grew its stake in shares of 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 worth $111,000 after acquiring an additional 4,268 shares during the period. Aprio Wealth Management LLC purchased a new stake in ProShares UltraShort Silver in the fourth quarter worth approximately $53,000. Flow Traders U.S. LLC boosted its holdings in ProShares UltraShort Silver by 159.2% in the second quarter. Flow Traders U.S. LLC now owns 50,666 shares of the exchange traded fund’s stock worth $1,308,000 after purchasing an additional 31,120 shares during the last quarter. Finally, Altfest L J & Co. Inc. bought a new stake in ProShares UltraShort Silver in the 4th quarter worth approximately $2,579,000.

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.