ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Shares Gap Down – Should You Sell?

ProShares UltraPro Short QQQ (NASDAQ:SQQQ)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $67.97, but opened at $65.96. ProShares UltraPro Short QQQ shares last traded at $66.7530, with a volume of 17,860,778 shares traded.

ProShares UltraPro Short QQQ Stock Down 1.4%

The stock has a fifty day simple moving average of $69.05 and a 200 day simple moving average of $77.82.

ProShares UltraPro Short QQQ Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 24th were issued a dividend of $1.5055 per share. This represents a $6.02 dividend on an annualized basis and a dividend yield of 9.0%. The ex-dividend date of this dividend was Wednesday, December 24th. This is a boost from ProShares UltraPro Short QQQ’s previous quarterly dividend of $1.21.

Hedge Funds Weigh In On ProShares UltraPro Short QQQ

Hedge funds and other institutional investors have recently modified their holdings of the company. Quadrature Capital Ltd bought a new position in ProShares UltraPro Short QQQ in the third quarter valued at about $33,368,000. Q Fund Management Hong Kong Ltd bought a new stake in ProShares UltraPro Short QQQ during the second quarter valued at approximately $11,051,000. TB Alternative Assets Ltd. purchased a new stake in ProShares UltraPro Short QQQ during the third quarter valued at approximately $8,394,000. Two Seas Capital LP bought a new position in ProShares UltraPro Short QQQ in the second quarter worth approximately $9,785,000. Finally, Smithfield Trust Co boosted its stake in shares of ProShares UltraPro Short QQQ by 330.6% during the 3rd quarter. Smithfield Trust Co now owns 559,600 shares of the company’s stock worth $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. The Fund invests in derivatives. It also invests in short-term cash instruments, which have a remaining maturity of 397 days or less and exhibit high quality credit profiles.