ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Stock Jumps 3.8% – Still a Buy?

ProShares UltraPro Short QQQ (NASDAQ:SQQQ) traded up 3.8% during trading on Wednesday. The stock traded as high as $35.15 and last traded at $35.2780. Approximately 23,927,040 shares traded hands during mid-day trading, a decline of 57% from the average daily volume of 55,676,371 shares. The stock had previously closed at $33.99.

ProShares UltraPro Short QQQ Stock Performance

The business has a 50-day simple moving average of $36.89 and a two-hundred day simple moving average of $44.12.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in SQQQ. Parallel Advisors LLC lifted its position in ProShares UltraPro Short QQQ by 104.0% during the 1st quarter. Parallel Advisors LLC now owns 814 shares of the company’s stock worth $66,000 after buying an additional 415 shares in the last quarter. Beacon Investment Advisory Services Inc. acquired a new position in shares of ProShares UltraPro Short QQQ during the 2nd quarter worth about $46,000. PayPay Securities Corp grew its holdings in shares of ProShares UltraPro Short QQQ by 131.4% in the 2nd quarter. PayPay Securities Corp now owns 2,265 shares of the company’s stock valued at $82,000 after acquiring an additional 1,286 shares in the last quarter. Quantinno Capital Management LP bought a new position in shares of ProShares UltraPro Short QQQ in the 1st quarter valued at about $201,000. Finally, J. Safra Sarasin Holding AG bought a new position in shares of ProShares UltraPro Short QQQ in the 1st quarter valued at about $217,000.

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.