ProShares Ultra Silver (NYSEARCA:AGQ) Shares Gap Down – What’s Next?

ProShares Ultra Silver (NYSEARCA:AGQ) gapped down prior to trading on Thursday . The stock had previously closed at $175.49, but opened at $126.73. ProShares Ultra Silver shares last traded at $121.3390, with a volume of 6,483,674 shares.

ProShares Ultra Silver Stock Down 24.6%

The company has a 50-day simple moving average of $189.51 and a two-hundred day simple moving average of $111.23.

Hedge Funds Weigh In On ProShares Ultra Silver

Several hedge funds have recently modified their holdings of the company. UBS Group AG bought a new position in shares of ProShares Ultra Silver in the 4th quarter valued at approximately $9,454,000. Group One Trading LLC increased its position in shares of ProShares Ultra Silver by 1,826.8% during the 3rd quarter. Group One Trading LLC now owns 58,711 shares of the exchange traded fund’s stock worth $4,476,000 after purchasing an additional 55,664 shares in the last quarter. Simplex Trading LLC boosted its position in ProShares Ultra Silver by 2,095.5% in the second quarter. Simplex Trading LLC now owns 42,395 shares of the exchange traded fund’s stock valued at $2,013,000 after buying an additional 40,464 shares in the last quarter. Clear Harbor Asset Management LLC bought a new stake in ProShares Ultra Silver during the third quarter worth about $2,020,000. Finally, EverSource Wealth Advisors LLC acquired a new stake in shares of ProShares Ultra Silver during the second quarter worth approximately $1,019,000.

About ProShares Ultra Silver

ProShares Ultra Silver (the Fund) seeks to provide daily investment results that correspond to twice (200%) the daily performance 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.