ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Sets New 52-Week Low - Time to Sell?

Key Points

• ProShares UltraPro Short QQQ (NASDAQ:SQQQ) reached a new 52-week low of $16.06, indicating significant volatility with a trading volume of over 64 million shares.
• The company recently declared a quarterly dividend of $0.2566, leading to a 6.3% annualized dividend yield despite a cut from previous distributions.
• Institutional investors have shown increased interest, with Q Fund Management and Two Seas Capital among those acquiring new positions in the stock during the second quarter.

ProShares UltraPro Short QQQ (NASDAQ:SQQQ - Get Free Report)'s stock price hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $16.06 and last traded at $16.19, with a volume of 64976760 shares. The stock had previously closed at $16.14.

ProShares UltraPro Short QQQ Trading Down 2.0%

The business has a 50-day moving average of $17.77 and a 200-day moving average of $25.51.

ProShares UltraPro Short QQQ Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Wednesday, June 25th were given a $0.2566 dividend. This represents a $1.03 annualized dividend and a yield of 6.6%. The ex-dividend date of this dividend was Wednesday, June 25th.

Hedge Funds Weigh In On ProShares UltraPro Short QQQ

Institutional investors have recently bought and sold shares of the company. Goldman Sachs Group Inc. acquired a new position in ProShares UltraPro Short QQQ in the 1st quarter valued at about $7,668,000. Private Advisor Group LLC acquired a new position in ProShares UltraPro Short QQQ in the 1st quarter valued at about $563,000. Robertson Stephens Wealth Management LLC acquired a new position in ProShares UltraPro Short QQQ in the 1st quarter valued at about $2,698,000. Summit Financial LLC acquired a new position in ProShares UltraPro Short QQQ in the 1st quarter valued at about $1,030,000. Finally, Smithfield Trust Co grew its position in ProShares UltraPro Short QQQ by 503.5% in the 1st quarter. Smithfield Trust Co now owns 272,200 shares of the company's stock valued at $10,436,000 after acquiring an additional 227,100 shares in the last quarter.

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.