Summit Financial LLC Invests $1.03 Million in ProShares UltraPro Short QQQ $SQQQ

Key Points

• Summit Financial LLC acquired 26,868 shares of ProShares UltraPro Short QQQ (NASDAQ:SQQQ) in the 1st quarter, approximately worth $1,030,000.
• The stock has recently been trading down by 4.5%, with a current price of $17.75 and a twelve month high of $57.80.
• ProShares UltraPro Short QQQ has cut its quarterly dividend to $0.2566, resulting in a yield of 5.8% based on the annualized dividend.

Summit Financial LLC purchased a new stake in ProShares UltraPro Short QQQ (NASDAQ:SQQQ - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 26,868 shares of the company's stock, valued at approximately $1,030,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Parallel Advisors LLC acquired a new stake in shares of ProShares UltraPro Short QQQ in the first quarter valued at approximately $27,000. Redwood Park Advisors LLC grew its position in ProShares UltraPro Short QQQ by 69.3% in the first quarter. Redwood Park Advisors LLC now owns 887 shares of the company's stock worth $34,000 after acquiring an additional 363 shares during the period. PayPay Securities Corp grew its position in ProShares UltraPro Short QQQ by 85.9% in the first quarter. PayPay Securities Corp now owns 1,556 shares of the company's stock worth $60,000 after acquiring an additional 719 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in ProShares UltraPro Short QQQ in the first quarter worth approximately $100,000. Finally, CWA Asset Management Group LLC purchased a new position in ProShares UltraPro Short QQQ in the first quarter worth approximately $357,000.

ProShares UltraPro Short QQQ Trading Down 1.9%

ProShares UltraPro Short QQQ stock traded down $0.34 during mid-day trading on Thursday, hitting $17.29. The company's stock had a trading volume of 74,614,193 shares, compared to its average volume of 93,250,656. ProShares UltraPro Short QQQ has a 1 year low of $16.71 and a 1 year high of $57.80. The stock's fifty day moving average is $18.86 and its two-hundred day moving average is $26.98.

ProShares UltraPro Short QQQ Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Wednesday, June 25th were given a dividend of $0.2566 per share. This represents a $1.03 annualized dividend and a dividend yield of 5.9%. The ex-dividend date was Wednesday, June 25th.

ProShares UltraPro Short QQQ 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.