ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Shares Gap Down - Time to Sell?

Key Points

• ProShares UltraPro Short QQQ (NASDAQ:SQQQ) gapped down from a previous close of $19.52 to $18.99 at market opening, trading at $18.58 with over 28 million shares exchanged.
• The firm paid a quarterly dividend of $0.2566 per share with an annualized yield of 5.5%, marking a recent cut in its dividend payouts.
• Institutional investors, including Gables Capital Management and Game Plan Financial Advisors, significantly increased their stakes in SQQQ by as much as 16,818.2% in recent quarters.

ProShares UltraPro Short QQQ (NASDAQ:SQQQ - Get Free Report)'s share price gapped down before the market opened on Monday . The stock had previously closed at $19.52, but opened at $18.99. ProShares UltraPro Short QQQ shares last traded at $18.58, with a volume of 28,338,858 shares traded.

ProShares UltraPro Short QQQ Stock Performance

The stock has a 50-day moving average of $20.46 and a 200 day moving average of $28.19.

ProShares UltraPro Short QQQ Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Wednesday, June 25th were paid a $0.2566 dividend. The ex-dividend date of this dividend was Wednesday, June 25th. This represents a $1.03 dividend on an annualized basis and a dividend yield of 5.6%.

Institutional Investors Weigh In On ProShares UltraPro Short QQQ

Institutional investors have recently modified their holdings of the company. Parallel Advisors LLC purchased a new stake in ProShares UltraPro Short QQQ during the 1st quarter worth about $27,000. Redwood Park Advisors LLC lifted its holdings in 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 last quarter. PayPay Securities Corp lifted its holdings 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 worth $60,000 after buying an additional 719 shares during the last quarter. Gables Capital Management Inc. lifted its holdings in ProShares UltraPro Short QQQ by 600.0% during the 2nd quarter. Gables Capital Management Inc. now owns 3,500 shares of the company's stock worth $68,000 after buying an additional 3,000 shares during the last quarter. Finally, Game Plan Financial Advisors LLC lifted its holdings in shares of ProShares UltraPro Short QQQ by 16,818.2% in the 1st quarter. Game Plan Financial Advisors LLC now owns 1,861 shares of the company's stock valued at $71,000 after purchasing an additional 1,850 shares during the last quarter.

ProShares UltraPro Short QQQ Company Profile

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.