ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Shares Gap Down – Here’s Why

ProShares UltraPro Short QQQ (NASDAQ:SQQQ) shares gapped down before the market opened on Thursday . The stock had previously closed at $75.14, but opened at $71.68. ProShares UltraPro Short QQQ shares last traded at $72.0130, with a volume of 10,598,103 shares traded.

ProShares UltraPro Short QQQ Stock Performance

The stock’s 50 day moving average price is $70.82 and its two-hundred day moving average price is $84.92.

ProShares UltraPro Short QQQ Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Wednesday, September 24th were paid a $1.2136 dividend. This represents a $4.85 annualized dividend and a yield of 6.9%. The ex-dividend date of this dividend was Wednesday, September 24th. This is a positive change from ProShares UltraPro Short QQQ’s previous quarterly dividend of $0.26.

Institutional Investors Weigh In On ProShares UltraPro Short QQQ

Several hedge funds have recently modified their holdings of the company. Quadrature Capital Ltd purchased a new stake in shares of ProShares UltraPro Short QQQ during the third quarter worth about $33,368,000. Citigroup Inc. boosted its position in ProShares UltraPro Short QQQ by 17.5% during the third quarter. Citigroup Inc. now owns 714,260 shares of the company’s stock worth $10,878,000 after acquiring an additional 106,243 shares during the last quarter. Flow Traders U.S. LLC grew its stake in ProShares UltraPro Short QQQ by 168.5% in the 3rd quarter. Flow Traders U.S. LLC now owns 672,442 shares of the company’s stock worth $10,241,000 after acquiring an additional 421,972 shares during the period. Q Fund Management Hong Kong Ltd acquired a new position in ProShares UltraPro Short QQQ in the 2nd quarter valued at $11,051,000. Finally, Smithfield Trust Co raised its holdings in ProShares UltraPro Short QQQ by 330.6% in the 3rd quarter. Smithfield Trust Co now owns 559,600 shares of the company’s stock valued at $8,523,000 after acquiring an additional 429,640 shares during the last quarter.

About ProShares UltraPro Short QQQ

ProShares UltraPro Short QQQ (the Fund) seeks daily investment results, which corresponds to three times the inverse of the daily performance of the NASDAQ-100 Index (the Index). The Index includes 100 of the non-financial domestic and international issues listed on National Association of Securities Dealers Automated Quotation (NASDAQ) Stock Market.