Ridgepath Capital Management LLC Sells 58,783 Shares of ProShares UltraPro QQQ $TQQQ

Key Points

• Ridgepath Capital Management LLC cut its holdings in ProShares UltraPro QQQ (TQQQ) by 36.0%, holding 104,606 shares valued at approximately $5.99 million as of the latest SEC filing.
• Other institutional investors have shown increased activity, with Oriental Harbor Investment Fund boosting its stake by 47.3% and Goldman Sachs raising its holdings by an impressive 4,237.0% during the same period.
• ProShares UltraPro QQQ recently declared a quarterly dividend of $0.2183, a significant increase from its previous dividend of $0.20, boosting its annualized dividend yield to 0.9%.

Ridgepath Capital Management LLC trimmed its position in shares of ProShares UltraPro QQQ (NASDAQ:TQQQ - Free Report) by 36.0% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 104,606 shares of the exchange traded fund's stock after selling 58,783 shares during the period. ProShares UltraPro QQQ accounts for approximately 2.9% of Ridgepath Capital Management LLC's holdings, making the stock its 11th biggest position. Ridgepath Capital Management LLC's holdings in ProShares UltraPro QQQ were worth $5,994,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of TQQQ. MRP Capital Investments LLC acquired a new stake in shares of ProShares UltraPro QQQ in the 1st quarter worth approximately $29,000. Columbia River Financial Group LLC bought a new stake in shares of ProShares UltraPro QQQ in the 1st quarter worth approximately $47,000. Wolff Wiese Magana LLC bought a new stake in shares of ProShares UltraPro QQQ in the 1st quarter worth approximately $94,000. Beacon Capital Management LLC raised its holdings in shares of ProShares UltraPro QQQ by 32.8% during the first quarter. Beacon Capital Management LLC now owns 1,823 shares of the exchange traded fund's stock valued at $104,000 after acquiring an additional 450 shares during the period. Finally, Menard Financial Group LLC acquired a new stake in shares of ProShares UltraPro QQQ during the fourth quarter valued at approximately $146,000.

ProShares UltraPro QQQ Stock Down 0.7%

Shares of TQQQ stock traded down $0.73 during trading hours on Wednesday, reaching $98.23. 26,165,679 shares of the stock traded hands, compared to its average volume of 79,418,742. ProShares UltraPro QQQ has a 1-year low of $35.00 and a 1-year high of $99.81. The business has a fifty day moving average price of $89.89 and a 200 day moving average price of $73.06. The firm has a market capitalization of $30.28 billion, a PE ratio of 38.25 and a beta of 3.45.

ProShares UltraPro QQQ Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Wednesday, June 25th were paid a $0.2183 dividend. The ex-dividend date was Wednesday, June 25th. This represents a $0.87 annualized dividend and a yield of 0.9%. This is a boost from ProShares UltraPro QQQ's previous quarterly dividend of $0.20.

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.