ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Shares Down 3.7% - What's Next?

Key Points

• Shares of ProShares UltraPro Short QQQ (NASDAQ:SQQQ) fell by 3.7% during mid-day trading, marking a significant decline from previous levels.
• The company cut its dividend to $0.2566 per share, representing a 6.5% dividend yield on an annualized basis.
• Several institutional investors have made recent changes to their stakes in the stock, with Redwood Park Advisors increasing its holdings by 69.3%.

Shares of ProShares UltraPro Short QQQ (NASDAQ:SQQQ - ) traded down 3.7% during mid-day trading on Thursday . The company traded as low as $15.74 and last traded at $15.70. 38,547,969 shares traded hands during trading, a decline of 59% from the average session volume of 93,211,602 shares. The stock had previously closed at $16.30.

ProShares UltraPro Short QQQ Trading Down 3.2%

The stock's fifty day moving average price is $17.91 and its 200-day moving average price is $25.81.

ProShares UltraPro Short QQQ Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders 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 dividend yield of 6.5%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Parallel Advisors LLC purchased a new position in ProShares UltraPro Short QQQ during the first quarter valued at approximately $27,000. Redwood Park Advisors LLC boosted its holdings in shares of ProShares UltraPro Short QQQ by 69.3% during the 1st quarter. Redwood Park Advisors LLC now owns 887 shares of the company's stock worth $34,000 after buying an additional 363 shares during the period. MAI Capital Management acquired a new position in ProShares UltraPro Short QQQ during the 2nd quarter valued at $38,000. Osaic Holdings Inc. raised its stake in ProShares UltraPro Short QQQ by 47.2% during the 2nd 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. Finally, PayPay Securities Corp raised its stake in ProShares UltraPro Short QQQ by 85.9% during the 1st quarter. PayPay Securities Corp now owns 1,556 shares of the company's stock valued at $60,000 after purchasing an additional 719 shares during 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.

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