Drive Wealth Management LLC Acquires 7,000 Shares of ProShares UltraPro QQQ (NASDAQ:TQQQ)

Key Points

• Drive Wealth Management LLC increased its holdings in ProShares UltraPro QQQ (TQQQ) by 50%, now owning a total of 21,000 shares valued at approximately $1.2 million.
• ProShares UltraPro QQQ recently declared a quarterly dividend of $0.2183 per share, marking an increase from the previous dividend of $0.20, with a current yield of 0.99%.
• ProShares UltraPro QQQ aims to achieve 300% of the daily performance of the NASDAQ-100 Index, with a market cap of $28.03 billion and a current trading price around $88.42.

Drive Wealth Management LLC boosted its position in shares of ProShares UltraPro QQQ (NASDAQ:TQQQ - Free Report) by 50.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,000 shares of the exchange traded fund's stock after acquiring an additional 7,000 shares during the period. Drive Wealth Management LLC's holdings in ProShares UltraPro QQQ were worth $1,207,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Efficient Advisors LLC acquired a new position in ProShares UltraPro QQQ in the first quarter worth about $2,420,000. Ignite Planners LLC raised its position in ProShares UltraPro QQQ by 24.3% in the first quarter. Ignite Planners LLC now owns 3,805 shares of the exchange traded fund's stock worth $216,000 after purchasing an additional 745 shares in the last quarter. IFP Advisors Inc raised its position in ProShares UltraPro QQQ by 230.0% in the first quarter. IFP Advisors Inc now owns 3,587 shares of the exchange traded fund's stock worth $206,000 after purchasing an additional 2,500 shares in the last quarter. Mayflower Financial Advisors LLC raised its position in ProShares UltraPro QQQ by 11.8% in the first quarter. Mayflower Financial Advisors LLC now owns 3,515 shares of the exchange traded fund's stock worth $201,000 after purchasing an additional 370 shares in the last quarter. Finally, Richmond Brothers Inc. raised its position in ProShares UltraPro QQQ by 6.2% in the first quarter. Richmond Brothers Inc. now owns 9,362 shares of the exchange traded fund's stock worth $536,000 after purchasing an additional 545 shares in the last quarter.

ProShares UltraPro QQQ Stock Performance

ProShares UltraPro QQQ stock traded down $0.27 during trading hours on Tuesday, hitting $89.52. 36,452,021 shares of the stock were exchanged, compared to its average volume of 84,540,297. The stock has a market capitalization of $28.32 billion, a P/E ratio of 38.25 and a beta of 3.45. ProShares UltraPro QQQ has a 12 month low of $35.00 and a 12 month high of $93.79. The business's 50-day moving average is $78.28 and its two-hundred day moving average is $70.99.

ProShares UltraPro QQQ Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Wednesday, June 25th were paid a dividend of $0.2183 per share. This represents a $0.87 annualized dividend and a yield of 0.98%. This is a boost from ProShares UltraPro QQQ's previous quarterly dividend of $0.20. The ex-dividend date was Wednesday, June 25th.

ProShares UltraPro QQQ Company Profile

Proshares UltraPro QQQ ETF (the Fund) seeks daily investment results, before fees and expenses that correspond to triple (300%) the daily performance of the NASDAQ-100 Index (the Index). The Fund invests in equity securities, derivatives, such as futures contracts, swap agreements, and money market instruments.