ProShares UltraPro QQQ (NASDAQ:TQQQ) Sets New 1-Year High - Still a Buy?

Key Points

• ProShares UltraPro QQQ (NASDAQ:TQQQ) shares reached a new 52-week high, trading at $96.46 with a market capitalization of $29.70 billion.
• The company recently increased its quarterly dividend to $0.2183 per share, marking a rise from the previous dividend of $0.20.
• Institutional investors have been actively buying shares, with several firms boosting their stakes in ProShares UltraPro QQQ over recent quarters.

ProShares UltraPro QQQ (NASDAQ:TQQQ - Get Free Report)'s stock price reached a new 52-week high during trading on Friday . The stock traded as high as $96.33 and last traded at $96.46, with a volume of 12735355 shares. The stock had previously closed at $95.57.

ProShares UltraPro QQQ Stock Performance

The company has a 50 day simple moving average of $89.89 and a 200 day simple moving average of $73.06. The company has a market capitalization of $29.97 billion, a PE ratio of 38.25 and a beta of 3.45.

ProShares UltraPro QQQ Increases Dividend

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in TQQQ. Blue Sky Capital Consultants Group Inc. acquired a new position in shares of ProShares UltraPro QQQ during the 4th quarter worth approximately $1,964,000. Menard Financial Group LLC acquired a new position in shares of ProShares UltraPro QQQ during the 4th quarter worth approximately $146,000. Alpha Wealth Funds LLC acquired a new position in shares of ProShares UltraPro QQQ during the 4th quarter worth approximately $1,878,000. Howard Financial Services LTD. acquired a new position in shares of ProShares UltraPro QQQ during the 1st quarter worth approximately $470,000. Finally, Parallel Advisors LLC boosted its holdings in shares of ProShares UltraPro QQQ by 5.1% during the 1st quarter. Parallel Advisors LLC now owns 5,654 shares of the exchange traded fund's stock worth $324,000 after purchasing an additional 274 shares during the last quarter.

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.