ProShares UltraShort Gold (NYSEARCA:GLL) Shares Pass Above 200 Day Moving Average – Here’s Why

ProShares UltraShort Gold (NYSEARCA:GLL) shares passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $21.73 and traded as high as $23.67. ProShares UltraShort Gold shares last traded at $23.63, with a volume of 5,811,588 shares trading hands.

ProShares UltraShort Gold Price Performance

The company has a 50 day simple moving average of $20.68 and a 200-day simple moving average of $21.73.

Institutional Trading of ProShares UltraShort Gold

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. bought a new stake in shares of ProShares UltraShort Gold during the 2nd quarter valued at $55,000. NewEdge Advisors LLC bought a new stake in shares of ProShares UltraShort Gold during the 4th quarter valued at $77,000. Bank of America Corp DE raised its stake in shares of ProShares UltraShort Gold by 55,280.0% during the 2nd quarter. Bank of America Corp DE now owns 8,307 shares of the exchange traded fund’s stock valued at $185,000 after purchasing an additional 8,292 shares during the period. Mission Wealth Management LP bought a new stake in shares of ProShares UltraShort Gold during the 4th quarter valued at $391,000. Finally, Two Sigma Securities LLC bought a new stake in shares of ProShares UltraShort Gold during the 2nd quarter valued at $336,000.

About ProShares UltraShort Gold

ProShares UltraShort Gold (the Fund) seeks daily investment results that correspond to twice (200%) the inverse (opposite) of the daily performance of gold bullion as measured by the United States dollar p.m. fixing price for delivery in London. The Fund will not directly or physically hold the underlying gold, but instead, will seek exposure to gold through the use of financial instruments, whose value is based on the underlying price of gold to pursue their investment objective. The benchmark price of gold will be the United States dollar price of gold bullion as measured by the London afternoon fixing price per troy ounce of unallocated gold bullion for delivery in London through a member of the London Bullion Market Association (LBMA) authorized to effect such delivery.