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

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) 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.

ProShares UltraPro Short QQQ Stock Performance

The firm's 50 day simple moving average is $20.23 and its 200-day simple moving average is $28.04.

ProShares UltraPro Short QQQ Cuts Dividend

The business also recently declared 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 5.8%.

Institutional Trading of ProShares UltraPro Short QQQ

Hedge funds and other institutional investors have recently modified their holdings of the company. Tower Research Capital LLC TRC raised its position in ProShares UltraPro Short QQQ by 6,510.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 33,054 shares of the company's stock valued at $1,029,000 after acquiring an additional 32,554 shares in the last quarter. Raffles Associates LP acquired a new position in ProShares UltraPro Short QQQ during the 4th quarter worth about $623,000. Squarepoint Ops LLC bought a new stake in shares of ProShares UltraPro Short QQQ during the fourth quarter valued at approximately $7,334,000. Parallel Advisors LLC acquired a new stake in shares of ProShares UltraPro Short QQQ in the 1st quarter valued at $27,000. Finally, IMC Chicago LLC bought a new stake in ProShares UltraPro Short QQQ during the 1st quarter worth about $17,319,000.

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.