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

ProShares UltraPro Short QQQ (NASDAQ:SQQQ - Get Free Report)'s stock price gapped down prior to trading on Monday . The stock had previously closed at $28.80, but opened at $25.45. ProShares UltraPro Short QQQ shares last traded at $25.99, with a volume of 44,379,418 shares changing hands.

ProShares UltraPro Short QQQ Stock Down 1.1%

The business has a 50 day simple moving average of $35.26 and a 200-day simple moving average of $32.40.

ProShares UltraPro Short QQQ Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Wednesday, March 26th were paid a $0.4823 dividend. The ex-dividend date of this dividend was Wednesday, March 26th. This represents a $1.93 dividend on an annualized basis and a yield of 8.25%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Parallel Advisors LLC acquired a new position in shares of ProShares UltraPro Short QQQ during the first quarter worth about $27,000. Redwood Park Advisors LLC boosted its position in shares of ProShares UltraPro Short QQQ by 69.3% during the first 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. PayPay Securities Corp boosted its position in shares of ProShares UltraPro Short QQQ by 85.9% during the first quarter. PayPay Securities Corp now owns 1,556 shares of the company's stock worth $60,000 after buying an additional 719 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of ProShares UltraPro Short QQQ during the first quarter worth about $100,000. Finally, Centerpoint Advisors LLC boosted its position in shares of ProShares UltraPro Short QQQ by 20.0% during the fourth quarter. Centerpoint Advisors LLC now owns 6,000 shares of the company's stock worth $187,000 after buying an additional 1,000 shares during the period.

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.