ProShares UltraPro QQQ (NASDAQ:TQQQ) Sets New 12-Month High - Still a Buy?

Key Points

• ProShares UltraPro QQQ (NASDAQ:TQQQ) reached a new 52-week high at $107.88, signaling strong price performance, with a market capitalization of $28.63 billion.
• The firm cut its quarterly dividend to $0.0978 per share, reflecting an annual yield of 0.4%, with the ex-dividend date on September 24th.
• Institutional investors have been active, with notable increases in holdings from firms like Merit Financial Group and OLD National Bancorp adding significant stakes in the first quarter.

ProShares UltraPro QQQ (NASDAQ:TQQQ - )'s share price hit a new 52-week high on Tuesday . The company traded as high as $107.88 and last traded at $107.04, with a volume of 40941702 shares changing hands. The stock had previously closed at $104.70.

ProShares UltraPro QQQ Price Performance

The company has a market cap of $28.63 billion, a P/E ratio of 38.25 and a beta of 3.45. The stock's 50-day moving average is $94.49 and its two-hundred day moving average is $76.97.

ProShares UltraPro QQQ Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Wednesday, September 24th were issued a dividend of $0.0978 per share. This represents a $0.39 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend was Wednesday, September 24th.

Institutional Trading of ProShares UltraPro QQQ

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TQQQ. Merit Financial Group LLC increased its holdings in ProShares UltraPro QQQ by 18.6% during the first quarter. Merit Financial Group LLC now owns 5,063 shares of the exchange traded fund's stock valued at $290,000 after buying an additional 795 shares during the last quarter. OLD National Bancorp IN increased its holdings in ProShares UltraPro QQQ by 24.6% during the first quarter. OLD National Bancorp IN now owns 91,971 shares of the exchange traded fund's stock valued at $5,270,000 after buying an additional 18,145 shares during the last quarter. Greystone Financial Group LLC purchased a new stake in ProShares UltraPro QQQ during the first quarter valued at approximately $737,000. IMC Chicago LLC purchased a new stake in ProShares UltraPro QQQ during the first quarter valued at approximately $712,000. Finally, Millington Financial Advisors LLC increased its holdings in ProShares UltraPro QQQ by 3.9% during the first quarter. Millington Financial Advisors LLC now owns 16,016 shares of the exchange traded fund's stock valued at $918,000 after buying an additional 607 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.

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