ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Sets New 1-Year 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.

Shares of ProShares UltraPro Short QQQ (NASDAQ:SQQQ - Get Free Report) reached a new 52-week low during mid-day trading on Friday . The company traded as low as $17.46 and last traded at $17.50, with a volume of 79756079 shares traded. The stock had previously closed at $17.96.

ProShares UltraPro Short QQQ Price Performance

The company's 50-day simple moving average is $19.88 and its 200-day simple moving average is $27.83.

ProShares UltraPro Short QQQ Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Wednesday, June 25th were paid a dividend of $0.2566 per share. The ex-dividend date of this dividend was Wednesday, June 25th. This represents a $1.03 annualized dividend and a yield of 6.0%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Raffles Associates LP bought a new position in shares of ProShares UltraPro Short QQQ in the fourth quarter valued at $623,000. Private Advisor Group LLC bought a new position in shares of ProShares UltraPro Short QQQ in the first quarter valued at $563,000. Robertson Stephens Wealth Management LLC bought a new position in shares of ProShares UltraPro Short QQQ in the first quarter valued at $2,698,000. Smithfield Trust Co lifted its stake in shares of ProShares UltraPro Short QQQ by 503.5% in the first quarter. Smithfield Trust Co now owns 272,200 shares of the company's stock valued at $10,436,000 after buying an additional 227,100 shares in the last quarter. Finally, Canal Insurance CO bought a new position in shares of ProShares UltraPro Short QQQ during the first quarter valued at about $1,917,000.

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.