ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Reaches New 12-Month Low - Here's Why

Key Points

• The share price of ProShares UltraPro Short QQQ (NASDAQ:SQQQ) reached a new 12-month low at $15.10, significantly lower than its previous close of $15.55.
• The company cut its quarterly dividend to $0.2427, which represents an annual yield of 6.3%, with the ex-dividend date set for September 24th.
• Several institutional investors have increased their positions in SQQQ, including Redwood Park Advisors, which raised its holdings by 69.3% in the first quarter.

ProShares UltraPro Short QQQ (NASDAQ:SQQQ - )'s share price hit a new 52-week low on Monday . The company traded as low as $15.10 and last traded at $15.13, with a volume of 26781645 shares. The stock had previously closed at $15.55.

ProShares UltraPro Short QQQ Price Performance

The business's fifty day simple moving average is $17.43 and its 200 day simple moving average is $24.67.

ProShares UltraPro Short QQQ Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Wednesday, September 24th will be issued a $0.2427 dividend. The ex-dividend date is Wednesday, September 24th. This represents a $0.97 annualized dividend and a dividend yield of 6.3%.

Institutional Investors Weigh In On ProShares UltraPro Short QQQ

Several hedge funds have recently made changes to their positions in SQQQ. Parallel Advisors LLC bought a new position in shares of ProShares UltraPro Short QQQ during the 1st quarter valued at $27,000. Redwood Park Advisors LLC raised its holdings in shares of ProShares UltraPro Short QQQ by 69.3% during the 1st quarter. Redwood Park Advisors LLC now owns 887 shares of the company's stock valued at $34,000 after purchasing an additional 363 shares in the last quarter. MAI Capital Management bought a new position in shares of ProShares UltraPro Short QQQ during the 2nd quarter valued at $38,000. Osaic Holdings Inc. raised its holdings in ProShares UltraPro Short QQQ by 47.2% in the 2nd quarter. Osaic Holdings Inc. now owns 2,170 shares of the company's stock worth $42,000 after acquiring an additional 696 shares during the period. Finally, PayPay Securities Corp raised its holdings in ProShares UltraPro Short QQQ by 85.9% in the 1st quarter. PayPay Securities Corp now owns 1,556 shares of the company's stock worth $60,000 after acquiring an additional 719 shares during the period.

ProShares UltraPro Short QQQ Company Profile

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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