ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Shares Gap Up – Time to Buy?

ProShares UltraPro Short QQQ (NASDAQ:SQQQ) gapped up before the market opened on Tuesday . The stock had previously closed at $36.93, but opened at $40.26. ProShares UltraPro Short QQQ shares last traded at $39.4090, with a volume of 23,333,001 shares.

ProShares UltraPro Short QQQ Trading Up 8.0%

The company’s 50-day moving average price is $45.79 and its 200 day moving average price is $61.81.

Institutional Investors Weigh In On ProShares UltraPro Short QQQ

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Larson Financial Group LLC acquired a new position in shares of ProShares UltraPro Short QQQ in the 4th quarter valued at $29,000. Parallel Advisors LLC raised its holdings in ProShares UltraPro Short QQQ by 105.4% in the 3rd 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 during the period. Osaic Holdings Inc. raised its holdings in ProShares UltraPro Short QQQ by 47.2% in the 2nd quarter. Osaic Holdings Inc. now owns 2,170 shares of the company’s stock valued at $42,000 after buying an additional 696 shares during the period. FNY Investment Advisers LLC acquired a new position in ProShares UltraPro Short QQQ in the third quarter valued at about $63,000. Finally, Sunbelt Securities Inc. acquired a new position in ProShares UltraPro Short QQQ in the fourth quarter valued at about $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.