ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Shares Gap Down – Time to Sell?

ProShares UltraPro Short QQQ (NASDAQ:SQQQ)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $75.91, but opened at $68.21. ProShares UltraPro Short QQQ shares last traded at $69.6750, with a volume of 21,366,876 shares trading hands.

ProShares UltraPro Short QQQ Trading Down 9.0%

The business’s fifty day moving average price is $73.18 and its 200 day moving average price is $71.29.

ProShares UltraPro Short QQQ Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Wednesday, March 25th were given a $0.6384 dividend. The ex-dividend date of this dividend was Wednesday, March 25th. This represents a $2.55 annualized dividend and a dividend yield of 3.7%.

Institutional Investors Weigh In On ProShares UltraPro Short QQQ

Several hedge funds have recently modified their holdings of the stock. Larson Financial Group LLC acquired a new stake in shares of ProShares UltraPro Short QQQ in the fourth quarter worth approximately $29,000. Osaic Holdings Inc. lifted its position in ProShares UltraPro Short QQQ by 47.2% during the second quarter. Osaic Holdings Inc. now owns 2,170 shares of the company’s stock valued at $42,000 after buying an additional 696 shares in the last quarter. Parallel Advisors LLC lifted its position in ProShares UltraPro Short QQQ by 105.4% during the third quarter. Parallel Advisors LLC now owns 1,992 shares of the company’s stock valued at $30,000 after buying an additional 1,022 shares in the last quarter. FNY Investment Advisers LLC lifted its position in ProShares UltraPro Short QQQ by 25.7% during the fourth quarter. FNY Investment Advisers LLC now owns 5,278 shares of the company’s stock valued at $361,000 after buying an additional 1,078 shares in the last quarter. Finally, Sunbelt Securities Inc. acquired a new position in ProShares UltraPro Short QQQ during the fourth quarter valued at approximately $137,000.

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.