ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Sets New 52-Week Low - Should You 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 - Get Free Report)'s share price hit 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 Stock Performance

The stock's 50-day moving average is $17.97 and its 200-day moving average is $25.88.

ProShares UltraPro Short QQQ Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Wednesday, June 25th were given a $0.2566 dividend. The ex-dividend date was Wednesday, June 25th. This represents a $1.03 dividend on an annualized basis and a dividend yield of 6.3%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Redwood Park Advisors LLC lifted its position in ProShares UltraPro Short QQQ by 69.3% in the first quarter. Redwood Park Advisors LLC now owns 887 shares of the company's stock worth $34,000 after purchasing an additional 363 shares during the period. Osaic Holdings Inc. raised its stake in shares of ProShares UltraPro Short QQQ by 47.2% in the 2nd quarter. Osaic Holdings Inc. now owns 2,170 shares of the company's stock valued at $42,000 after buying an additional 696 shares in the last quarter. Parallel Advisors LLC bought a new position in shares of ProShares UltraPro Short QQQ during the 1st quarter worth about $27,000. PayPay Securities Corp lifted its holdings in shares of ProShares UltraPro Short QQQ by 85.9% during the 1st quarter. PayPay Securities Corp now owns 1,556 shares of the company's stock worth $60,000 after acquiring an additional 719 shares during the period. Finally, Game Plan Financial Advisors LLC boosted its position in shares of ProShares UltraPro Short QQQ by 16,818.2% during the 1st quarter. Game Plan Financial Advisors LLC now owns 1,861 shares of the company's stock valued at $71,000 after acquiring an additional 1,850 shares in the last quarter.

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.