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

Key Points

• ProShares UltraPro Short QQQ (SQQQ) gapped down and is trading about 3.7% lower — it opened at $73.36 vs. the prior close of $75.74 and last traded at $72.74 on roughly 12.5 million shares of volume.
• Dividend increased: the fund paid a quarterly dividend of $1.5055 on Dec. 31 (ex-dividend Dec. 24), which annualizes to $6.02 and represents an ~8.3% yield.
• Fund objective: SQQQ seeks daily investment results equal to three times the inverse of the NASDAQ-100, using derivatives and short-term cash instruments, making it a leveraged, short-term hedge/short exposure vehicle.

ProShares UltraPro Short QQQ (NASDAQ:SQQQ - ) shares gapped down prior to trading on Monday . The stock had previously closed at $75.74, but opened at $73.36. ProShares UltraPro Short QQQ shares last traded at $72.74, with a volume of 12,533,609 shares.

ProShares UltraPro Short QQQ Trading Down 3.7%

The stock's fifty day moving average price is $69.00 and its 200 day moving average price is $72.08.

ProShares UltraPro Short QQQ Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Wednesday, December 24th were given a dividend of $1.5055 per share. This is an increase from ProShares UltraPro Short QQQ's previous quarterly dividend of $1.21. The ex-dividend date of this dividend was Wednesday, December 24th. This represents a $6.02 dividend on an annualized basis and a yield of 8.3%.

Institutional Investors Weigh In On ProShares UltraPro Short QQQ

Hedge funds and other institutional investors have recently bought and sold shares of the business. Larson Financial Group LLC bought a new position in shares of ProShares UltraPro Short QQQ during the fourth quarter valued at approximately $29,000. Parallel Advisors LLC boosted its position in shares of ProShares UltraPro Short QQQ by 105.4% in the 3rd quarter. Parallel Advisors LLC now owns 1,992 shares of the company's stock worth $30,000 after purchasing an additional 1,022 shares in the last quarter. MAI Capital Management purchased a new stake in shares of ProShares UltraPro Short QQQ in the 2nd quarter worth approximately $38,000. Osaic Holdings Inc. grew its stake in shares of ProShares UltraPro Short QQQ by 47.2% in the 2nd quarter. Osaic Holdings Inc. now owns 2,170 shares of the company's stock worth $42,000 after buying an additional 696 shares during the last quarter. Finally, FNY Investment Advisers LLC bought a new position in ProShares UltraPro Short QQQ during the 3rd quarter valued at approximately $63,000.

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. The Fund invests in derivatives. It also invests in short-term cash instruments, which have a remaining maturity of 397 days or less and exhibit high quality credit profiles.

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