ProShares UltraPro QQQ (NASDAQ:TQQQ) Sees Significant Drop in Short Interest

ProShares UltraPro QQQ (NASDAQ:TQQQ) was the target of a large decrease in short interest in the month of May. As of May 29th, there was short interest totaling 19,091,229 shares, a decrease of 37.9% from the May 14th total of 30,764,966 shares. Approximately 3.9% of the shares of the company are sold short. Based on an average trading volume of 69,255,156 shares, the short-interest ratio is presently 0.3 days.

ProShares UltraPro QQQ Stock Performance

TQQQ opened at $77.52 on Monday. The stock has a market capitalization of $38.23 billion, a P/E ratio of 38.25 and a beta of 3.71. The company’s 50-day simple moving average is $67.83 and its two-hundred day simple moving average is $57.07. ProShares UltraPro QQQ has a 52-week low of $35.71 and a 52-week high of $88.09.

Hedge Funds Weigh In On ProShares UltraPro QQQ

Several hedge funds and other institutional investors have recently bought and sold shares of TQQQ. Integrated Wealth Concepts LLC lifted its stake in ProShares UltraPro QQQ by 19.2% during the 1st quarter. Integrated Wealth Concepts LLC now owns 4,971 shares of the exchange traded fund’s stock valued at $285,000 after acquiring an additional 799 shares during the period. Goldman Sachs Group Inc. lifted its stake in ProShares UltraPro QQQ by 4,237.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 520,444 shares of the exchange traded fund’s stock valued at $29,821,000 after acquiring an additional 508,444 shares during the period. Focus Partners Wealth lifted its stake in ProShares UltraPro QQQ by 30.8% during the 1st quarter. Focus Partners Wealth now owns 10,954 shares of the exchange traded fund’s stock valued at $628,000 after acquiring an additional 2,578 shares during the period. JPMorgan Chase & Co. lifted its stake in ProShares UltraPro QQQ by 11.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 19,570 shares of the exchange traded fund’s stock valued at $1,624,000 after acquiring an additional 2,002 shares during the period. Finally, Cerity Partners LLC lifted its stake in ProShares UltraPro QQQ by 11.4% during the 2nd quarter. Cerity Partners LLC now owns 30,865 shares of the exchange traded fund’s stock valued at $2,562,000 after acquiring an additional 3,158 shares during the period.

ProShares UltraPro QQQ Company Profile

Proshares UltraPro QQQ ETF (the Fund) seeks daily investment results, before fees and expenses that correspond to triple (300%) the daily performance of the NASDAQ-100 Index (the Index). The Fund invests in equity securities, derivatives, such as futures contracts, swap agreements, and money market instruments. ProShare Advisors LLC (ProShare Advisors) provides the investment advisory and management services for the Fund.