ProShares UltraPro QQQ (NASDAQ:TQQQ) Stock Price Break Below Two Hundred Day Moving Average - Should You Sell?

Key Points

• TQQQ fell below its 200-day moving average of $65.44, trading as low as $59.95 before last changing hands at $62.01 on heavy volume of 107.2 million shares.
• The leveraged ETF has a 50-day moving average of $73.59, a market capitalization of $32.17 billion, a P/E ratio of 38.25, and a high beta of 3.71, reflecting significant volatility.
• Several institutional investors recently increased or initiated positions in TQQQ, including IMC Chicago, Vestia Personal Wealth Advisors, and Ridgepath Capital Management, while the fund targets 300% of the Nasdaq-100’s daily performance.

Shares of ProShares UltraPro QQQ (NASDAQ:TQQQ - ) crossed below its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $65.44 and traded as low as $59.95. ProShares UltraPro QQQ shares last traded at $62.01, with a volume of 107,181,630 shares changing hands.

ProShares UltraPro QQQ Stock Performance

The company has a market capitalization of $32.17 billion, a P/E ratio of 38.25 and a beta of 3.71. The stock has a fifty day moving average of $73.59 and a 200 day moving average of $65.44.

Hedge Funds Weigh In On ProShares UltraPro QQQ

Several large investors have recently modified their holdings of the stock. Independent Financial Group LLC purchased a new stake in ProShares UltraPro QQQ in the first quarter valued at $12,430,000. IMC Chicago LLC raised its position in shares of ProShares UltraPro QQQ by 290.6% in the first quarter. IMC Chicago LLC now owns 289,517 shares of the exchange traded fund's stock valued at $12,067,000 after buying an additional 215,397 shares during the last quarter. Vestia Personal Wealth Advisors grew its position in shares of ProShares UltraPro QQQ by 100.7% in the third quarter. Vestia Personal Wealth Advisors now owns 310,000 shares of the exchange traded fund's stock valued at $24,189,000 after purchasing an additional 155,556 shares in the last quarter. Turner Capital Investments LLC acquired a new position in shares of ProShares UltraPro QQQ during the 3rd quarter valued at about $11,510,000. Finally, Ridgepath Capital Management LLC grew its stake in shares of ProShares UltraPro QQQ by 285.4% in the 1st quarter. Ridgepath Capital Management LLC now owns 175,735 shares of the exchange traded fund's stock valued at $7,325,000 after buying an additional 130,136 shares during the period.

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. ProShare Advisors LLC (ProShare Advisors) provides the investment advisory and management services for the Fund.

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