ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Hits New 52-Week Low - Should You Sell?

Key Points

• Shares of ProShares UltraPro Short QQQ (SQQQ) reached a new 52-week low of $14.27, marking a decline of 3.8% during trading.
• The company recently cut its dividend to $0.2427 per share, representing an annual yield of 6.8%.
• Multiple institutional investors have increased their stakes in SQQQ, with notable purchases from Q Fund Management and TB Alternative Assets.

Shares of ProShares UltraPro Short QQQ (NASDAQ:SQQQ - ) hit a new 52-week low during trading on Monday . The company traded as low as $14.30 and last traded at $14.27, with a volume of 51492202 shares traded. The stock had previously closed at $14.89.

ProShares UltraPro Short QQQ Stock Down 3.8%

The business's 50-day moving average is $16.43 and its two-hundred day moving average is $22.39.

ProShares UltraPro Short QQQ Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Wednesday, September 24th were given a $0.2427 dividend. The ex-dividend date of this dividend was Wednesday, September 24th. This represents a $0.97 dividend on an annualized basis and a yield of 6.8%.

Institutional Investors Weigh In On ProShares UltraPro Short QQQ

A number of institutional investors and hedge funds have recently made changes to their positions in SQQQ. Q Fund Management Hong Kong Ltd purchased a new stake in shares of ProShares UltraPro Short QQQ in the second quarter valued at about $11,051,000. TB Alternative Assets Ltd. purchased a new position in ProShares UltraPro Short QQQ during the third quarter worth about $8,394,000. Two Seas Capital LP purchased a new position in ProShares UltraPro Short QQQ during the second quarter worth about $9,785,000. Squarepoint Ops LLC purchased a new position in ProShares UltraPro Short QQQ during the second quarter worth about $6,504,000. Finally, Smithfield Trust Co raised its holdings in ProShares UltraPro Short QQQ by 503.5% during the first quarter. Smithfield Trust Co now owns 272,200 shares of the company's stock worth $10,436,000 after purchasing an additional 227,100 shares in the last quarter.

About ProShares UltraPro Short QQQ

ProShares UltraPro Short QQQ (the Fund) seeks daily investment results, which corresponds to three times the inverse of the daily performance of the NASDAQ-100 Index (the Index). The Index includes 100 of the non-financial domestic and international issues listed on National Association of Securities Dealers Automated Quotation (NASDAQ) Stock Market.

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