ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Shares Gap Down - Should You Sell?

Key Points

• ProShares UltraPro Short QQQ (NASDAQ:SQQQ) experienced a significant **gap down** in stock price from $16.03 to $15.20 at market open, with **56.8 million shares** traded as of the latest update.
• The company has announced a **dividend cut**, paying a quarterly dividend of **$0.2427** on September 30th, reflecting an annualized yield of **6.4%**.
• Several **hedge funds** have increased their positions in SQQQ, including Q Fund Management and Two Seas Capital, indicating growing institutional interest in the stock.

ProShares UltraPro Short QQQ (NASDAQ:SQQQ - )'s stock price gapped down before the market opened on Monday . The stock had previously closed at $16.03, but opened at $15.20. ProShares UltraPro Short QQQ shares last traded at $15.19, with a volume of 56,834,640 shares changing hands.

ProShares UltraPro Short QQQ Stock Performance

The firm's 50 day simple moving average is $16.74 and its 200-day simple moving average is $23.22.

ProShares UltraPro Short QQQ Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Wednesday, September 24th were paid a $0.2427 dividend. The ex-dividend date of this dividend was Wednesday, September 24th. This represents a $0.97 dividend on an annualized basis and a dividend yield of 6.4%.

Hedge Funds Weigh In On ProShares UltraPro Short QQQ

A number of hedge funds have recently modified their holdings of SQQQ. Q Fund Management Hong Kong Ltd acquired a new position in shares of ProShares UltraPro Short QQQ in the second quarter worth $11,051,000. Two Seas Capital LP bought a new stake in ProShares UltraPro Short QQQ in the second quarter worth $9,785,000. Squarepoint Ops LLC bought a new stake in ProShares UltraPro Short QQQ in the second quarter worth $6,504,000. Smithfield Trust Co boosted its holdings in ProShares UltraPro Short QQQ by 503.5% in the first quarter. Smithfield Trust Co now owns 272,200 shares of the company's stock worth $10,436,000 after purchasing an additional 227,100 shares in the last quarter. Finally, Lane Generational LLC bought a new stake in ProShares UltraPro Short QQQ in the second quarter worth $4,187,000.

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.

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