ProShares UltraPro QQQ (NASDAQ:TQQQ) Sets New 52-Week High - Still a Buy?

Key Points

• ProShares UltraPro QQQ (NASDAQ:TQQQ) reached a new 52-week high, trading at $105.13, which reflects a notable increase from the previous close of $103.40.
• The firm recently cut its dividend, issuing a quarterly payment of $0.0978 per share, resulting in an annualized dividend of $0.39 and a yield of 0.4%.
• Several hedge funds have recently adjusted their holdings in ProShares UltraPro QQQ, with Corient Private Wealth LLC increasing its stake by 64.8% during the second quarter.

ProShares UltraPro QQQ (NASDAQ:TQQQ - ) shares reached a new 52-week high during trading on Wednesday . The company traded as high as $105.13 and last traded at $104.92, with a volume of 39978163 shares changing hands. The stock had previously closed at $103.40.

ProShares UltraPro QQQ Stock Up 1.4%

The firm has a market cap of $32.32 billion, a price-to-earnings ratio of 38.25 and a beta of 3.45. The business has a 50 day moving average of $93.14 and a 200 day moving average of $75.65.

ProShares UltraPro QQQ Cuts Dividend

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

Institutional Trading of ProShares UltraPro QQQ

A number of hedge funds have recently added to or reduced their stakes in the business. Corient Private Wealth LLC boosted its stake in ProShares UltraPro QQQ by 64.8% in the 2nd quarter. Corient Private Wealth LLC now owns 106,993 shares of the exchange traded fund's stock worth $8,880,000 after buying an additional 42,058 shares during the last quarter. Alternative Investment Advisors LLC. acquired a new stake in ProShares UltraPro QQQ in the 2nd quarter worth about $320,000. Osaic Holdings Inc. boosted its stake in ProShares UltraPro QQQ by 43.0% in the 2nd quarter. Osaic Holdings Inc. now owns 9,466 shares of the exchange traded fund's stock worth $729,000 after buying an additional 2,848 shares during the last quarter. Coppell Advisory Solutions LLC acquired a new position in shares of ProShares UltraPro QQQ in the 2nd quarter valued at about $225,000. Finally, MRP Capital Investments LLC lifted its stake in shares of ProShares UltraPro QQQ by 50.0% in the 2nd quarter. MRP Capital Investments LLC now owns 750 shares of the exchange traded fund's stock valued at $62,000 after purchasing an additional 250 shares in the last quarter.

About ProShares UltraPro QQQ

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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