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

Key Points

• ProShares UltraPro Short QQQ (NASDAQ:SQQQ) hit a new 52-week low at $16.70 during trading, representing a decline from its previous close of $17.05.
• The company also cut its quarterly dividend to $0.2566 per share, which translates to an annual yield of 6.1% based on past performance.
• Several institutional investors recently increased their stakes in the fund, with notable investments from Squarepoint Ops LLC and PayPay Securities Corp.

ProShares UltraPro Short QQQ (NASDAQ:SQQQ - )'s share price reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $16.70 and last traded at $16.72, with a volume of 46187765 shares. The stock had previously closed at $17.05.

ProShares UltraPro Short QQQ Trading Down 1.9%

The company's 50 day simple moving average is $18.20 and its 200-day simple moving average is $26.31.

ProShares UltraPro Short QQQ Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Wednesday, June 25th were given a dividend of $0.2566 per share. This represents a $1.03 dividend on an annualized basis and a yield of 6.1%. The ex-dividend date of this dividend was Wednesday, June 25th.

Institutional Trading of ProShares UltraPro Short QQQ

Several large investors have recently bought and sold shares of the company. Squarepoint Ops LLC bought a new position in ProShares UltraPro Short QQQ during the fourth quarter worth $7,334,000. Parallel Advisors LLC acquired a new position in ProShares UltraPro Short QQQ during the first quarter worth about $27,000. IMC Chicago LLC purchased a new position in ProShares UltraPro Short QQQ in the 1st quarter worth about $17,319,000. PayPay Securities Corp increased its stake in ProShares UltraPro Short QQQ by 85.9% in the 1st quarter. PayPay Securities Corp now owns 1,556 shares of the company's stock worth $60,000 after purchasing an additional 719 shares in the last quarter. Finally, Robertson Stephens Wealth Management LLC purchased a new position in ProShares UltraPro Short QQQ in the 1st quarter worth about $2,698,000.

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.