ProShares Short QQQ (NYSEARCA:PSQ) Trading Up 0.2% – Still a Buy?

ProShares Short QQQ (NYSEARCA:PSQ)’s share price shot up 0.2% during mid-day trading on Monday . The stock traded as high as $25.34 and last traded at $25.22. Approximately 6,414,464 shares changed hands during trading, a decline of 42% from the average daily volume of 11,102,102 shares. The stock had previously closed at $25.18.

ProShares Short QQQ Trading Up 0.2%

The firm has a 50-day moving average price of $26.78 and a 200 day moving average price of $29.27.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Axiom Investment Management LLC purchased a new position in ProShares Short QQQ in the 1st quarter worth approximately $354,000. Arkadios Wealth Advisors bought a new stake in shares of ProShares Short QQQ during the 1st quarter valued at about $9,522,000. Renaissance Technologies LLC bought a new stake in ProShares Short QQQ during the 1st quarter valued at approximately $8,408,000. Independent Financial Group LLC purchased a new position in shares of ProShares Short QQQ during the 1st quarter worth approximately $448,000. Finally, Tevis Investment Management purchased a new position in shares of ProShares Short QQQ during the 1st quarter worth approximately $241,000.

About ProShares Short QQQ

ProShares Short QQQ is focused on daily investment results that correspond to the inverse (opposite) of the daily performance of the NASDAQ-100 Index. The NASDAQ-100 Index represents non-financial domestic and international issues listed on The NASDAQ Stock Market. The Fund takes positions in financial instruments (including derivatives) that in combination should have similar daily return characteristics as the inverse of the NASDAQ-100 Index. ProShares Short QQQ will not directly sell short the equity securities of issuers contained in the NASDAQ-100 Index.