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

Key Points

• Shares of SQQQ hit a new 52-week low, trading as low as $61.61 (last $61.52) and down about 1.5%, while the 50-day and 200-day moving averages sit at $73.31 and $70.89, signaling sustained weakness.
• The fund paid a quarterly dividend of $0.6384 on March 31 (ex-dividend March 25), which annualizes to $2.55 and represents a 4.2% yield.
• ProShares UltraPro Short QQQ is a 3x inverse NASDAQ-100 ETF that uses derivatives and short-term cash instruments, making it primarily a short-term hedging tool rather than a long-term investment.

ProShares UltraPro Short QQQ (NASDAQ:SQQQ - ) shares reached a new 52-week low on Wednesday . The company traded as low as $61.61 and last traded at $61.5220, with a volume of 10463229 shares changing hands. The stock had previously closed at $62.02.

ProShares UltraPro Short QQQ Stock Down 1.5%

The business's 50 day moving average price is $73.31 and its two-hundred day moving average price is $70.89.

ProShares UltraPro Short QQQ Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Wednesday, March 25th were given a dividend of $0.6384 per share. The ex-dividend date was Wednesday, March 25th. This represents a $2.55 annualized dividend and a yield of 4.2%.

Institutional Investors Weigh In On ProShares UltraPro Short QQQ

Hedge funds have recently added to or reduced their stakes in the business. Larson Financial Group LLC acquired a new stake in ProShares UltraPro Short QQQ during the 4th quarter worth approximately $29,000. Parallel Advisors LLC boosted its position in ProShares UltraPro Short QQQ by 105.4% during the 3rd quarter. Parallel Advisors LLC now owns 1,992 shares of the company's stock worth $30,000 after buying an additional 1,022 shares during the period. Sunbelt Securities Inc. acquired a new stake in ProShares UltraPro Short QQQ during the 4th quarter worth approximately $137,000. Osaic Holdings Inc. boosted its position in ProShares UltraPro Short QQQ by 47.2% during the 2nd quarter. Osaic Holdings Inc. now owns 2,170 shares of the company's stock worth $42,000 after buying an additional 696 shares during the period. Finally, Warren Street Wealth Advisors LLC acquired a new stake in ProShares UltraPro Short QQQ during the 4th quarter worth approximately $206,000.

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. The Fund invests in derivatives. It also invests in short-term cash instruments, which have a remaining maturity of 397 days or less and exhibit high quality credit profiles.

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