ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Trading 6.8% Higher – Should You Buy?

ProShares UltraPro Short QQQ (NASDAQ:SQQQ)’s stock price were up 6.8% during mid-day trading on Thursday . The stock traded as high as $40.50 and last traded at $40.4610. 54,696,602 shares traded hands during mid-day trading, a decline of 9% from the average daily volume of 60,012,344 shares. The stock had previously closed at $37.88.

ProShares UltraPro Short QQQ Stock Performance

The stock has a 50-day simple moving average of $42.75 and a two-hundred day simple moving average of $60.46.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Parallel Advisors LLC increased its holdings in shares of ProShares UltraPro Short QQQ by 104.0% in the first quarter. Parallel Advisors LLC now owns 814 shares of the company’s stock worth $66,000 after buying an additional 415 shares during the period. Larson Financial Group LLC purchased a new stake in ProShares UltraPro Short QQQ during the 4th quarter valued at about $29,000. Osaic Holdings Inc. grew its position in ProShares UltraPro Short QQQ by 47.2% during the 2nd quarter. Osaic Holdings Inc. now owns 2,170 shares of the company’s stock worth $42,000 after acquiring an additional 696 shares during the last quarter. FNY Investment Advisers LLC increased its stake in ProShares UltraPro Short QQQ by 25.7% in the 4th quarter. FNY Investment Advisers LLC now owns 5,278 shares of the company’s stock worth $361,000 after purchasing an additional 1,078 shares during the period. Finally, Sunbelt Securities Inc. purchased a new position in ProShares UltraPro Short QQQ in the 4th quarter worth approximately $137,000.

ProShares UltraPro Short QQQ Company Profile

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.