ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Sets New 52-Week Low - Here's Why

Key Points

• ProShares UltraPro Short QQQ (NASDAQ:SQQQ) has reached a new 52-week low, trading at $17.50 after hitting a low of $17.46 during the day.
• The fund recently announced a dividend cut, paying $0.2566 per share, which annualizes to a yield of 5.9%.
• Several hedge funds have significantly increased their positions in ProShares UltraPro Short QQQ, including a 6,510.8% boost by Tower Research Capital LLC in the last quarter.

ProShares UltraPro Short QQQ (NASDAQ:SQQQ - )'s share price hit a new 52-week low during trading on Friday . The company traded as low as $17.46 and last traded at $17.50, with a volume of 79756079 shares. The stock had previously closed at $17.96.

ProShares UltraPro Short QQQ Price Performance

The business has a 50-day moving average of $20.23 and a 200-day moving average of $28.04.

ProShares UltraPro Short QQQ Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Investors 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 yield of 5.9%.

Hedge Funds Weigh In On ProShares UltraPro Short QQQ

Hedge funds and other institutional investors have recently made changes to their positions in the company. Tower Research Capital LLC TRC boosted its position in ProShares UltraPro Short QQQ by 6,510.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 33,054 shares of the company's stock valued at $1,029,000 after purchasing an additional 32,554 shares in the last quarter. Raffles Associates LP bought a new stake in shares of ProShares UltraPro Short QQQ in the 4th quarter valued at about $623,000. Squarepoint Ops LLC purchased a new position in shares of ProShares UltraPro Short QQQ in the 4th quarter worth approximately $7,334,000. Parallel Advisors LLC purchased a new position in shares of ProShares UltraPro Short QQQ in the 1st quarter worth approximately $27,000. Finally, IMC Chicago LLC purchased a new stake in ProShares UltraPro Short QQQ during the first quarter valued at approximately $17,319,000.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.