ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Reaches New 12-Month Low - Should You Sell?

Key Points

• ProShares UltraPro Short QQQ (NASDAQ:SQQQ) recently hit a new 52-week low of $16.71, reflecting a significant drop in its trading performance.
• The company has cut its dividend to $1.03 annualized, equating to a yield of 6.1%, which may influence investor sentiment going forward.
• Multiple hedge funds are altering their positions in SQQQ, with notable increases from firms like Gables Capital Management, indicating mixed investor confidence.

ProShares UltraPro Short QQQ (NASDAQ:SQQQ - Get Free Report)'s stock price hit a new 52-week low during trading on Thursday . The company traded as low as $16.71 and last traded at $16.96, with a volume of 91590539 shares changing hands. The stock had previously closed at $16.98.

ProShares UltraPro Short QQQ Price Performance

The company has a 50 day moving average of $19.54 and a 200 day moving average of $27.56.

ProShares UltraPro Short QQQ Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Wednesday, June 25th were issued a dividend of $0.2566 per share. The ex-dividend date was Wednesday, June 25th. This represents a $1.03 dividend on an annualized basis and a dividend yield of 5.9%.

Institutional Trading of ProShares UltraPro Short QQQ

A number of institutional investors have recently added to or reduced their stakes in the business. Parallel Advisors LLC purchased a new position in shares of ProShares UltraPro Short QQQ in the first quarter valued at $27,000. Redwood Park Advisors LLC boosted its position in ProShares UltraPro Short QQQ by 69.3% in the 1st quarter. Redwood Park Advisors LLC now owns 887 shares of the company's stock valued at $34,000 after buying an additional 363 shares during the last quarter. MAI Capital Management acquired a new stake in shares of ProShares UltraPro Short QQQ during the second quarter valued at about $38,000. PayPay Securities Corp increased its position in shares of ProShares UltraPro Short QQQ by 85.9% during the first 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 last quarter. Finally, Gables Capital Management Inc. lifted its stake in shares of ProShares UltraPro Short QQQ by 600.0% in the second quarter. Gables Capital Management Inc. now owns 3,500 shares of the company's stock worth $68,000 after acquiring an additional 3,000 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.