ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Sets New 1-Year Low - What's Next?

Key Points

• ProShares UltraPro Short QQQ (SQQQ) hit a new 52-week low, trading as low as $56.04 and last around $57.02 on heavy volume of about 25.4 million shares.
• The ETF is trading well below its 50-day ($72.24) and 200-day ($70.39) moving averages, indicating sustained downward pressure versus recent trends.
• SQQQ is a leveraged inverse fund that seeks daily results equal to three times the inverse of the NASDAQ‑100, and though a handful of institutions have recently added or increased small positions, reported holdings remain modest.

ProShares UltraPro Short QQQ (NASDAQ:SQQQ - ) shares reached a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $56.04 and last traded at $57.0210, with a volume of 25430686 shares traded. The stock had previously closed at $56.91.

ProShares UltraPro Short QQQ Trading Up 0.3%

The firm has a fifty day moving average price of $72.24 and a 200-day moving average price of $70.39.

Institutional Trading of ProShares UltraPro Short QQQ

Several institutional investors and hedge funds have recently modified their holdings of SQQQ. Larson Financial Group LLC bought a new stake in shares of ProShares UltraPro Short QQQ during the 4th quarter worth $29,000. Parallel Advisors LLC raised its position in ProShares UltraPro Short QQQ by 105.4% in the third quarter. Parallel Advisors LLC now owns 1,992 shares of the company's stock valued at $30,000 after purchasing an additional 1,022 shares during the last quarter. Osaic Holdings Inc. raised its position in ProShares UltraPro Short QQQ by 47.2% in the second quarter. Osaic Holdings Inc. now owns 2,170 shares of the company's stock valued at $42,000 after purchasing an additional 696 shares during the last quarter. FNY Investment Advisers LLC bought a new position in ProShares UltraPro Short QQQ in the third quarter valued at about $63,000. Finally, Sunbelt Securities Inc. bought a new position in ProShares UltraPro Short QQQ in the fourth quarter valued at about $137,000.

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. 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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