ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Shares Gap Up - Should You Buy?

Key Points

• ProShares UltraPro Short QQQ (NASDAQ:SQQQ) gapped up from a previous close of $17.95 to open at $18.81, with a last trading price of $18.52 and a volume of 31,659,806 shares.
• The company declared a quarterly dividend of $0.2566 per share, equivalent to an annualized yield of 5.5%, which was paid to investors of record on June 25th.
• Institutional investors have shown increased interest, with several firms boosting their stakes in ProShares UltraPro Short QQQ, including Redwood Park Advisors, which increased its holdings by 69.3%.

ProShares UltraPro Short QQQ (NASDAQ:SQQQ - Get Free Report)'s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $17.95, but opened at $18.81. ProShares UltraPro Short QQQ shares last traded at $18.52, with a volume of 31,659,806 shares.

ProShares UltraPro Short QQQ Trading Down 0.2%

The business has a 50-day simple moving average of $18.36 and a 200-day simple moving average of $26.52.

ProShares UltraPro Short QQQ Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Wednesday, June 25th were given a dividend of $0.2566 per share. The ex-dividend date of this dividend was Wednesday, June 25th. This represents a $1.03 dividend on an annualized basis and a yield of 5.9%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in SQQQ. Parallel Advisors LLC acquired a new stake in ProShares UltraPro Short QQQ during the first quarter worth about $27,000. Redwood Park Advisors LLC increased 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 valued at $34,000 after purchasing an additional 363 shares during the period. MAI Capital Management acquired a new position in shares of ProShares UltraPro Short QQQ in the second quarter valued at $38,000. Osaic Holdings Inc. lifted its position in ProShares UltraPro Short QQQ by 47.2% in the second quarter. Osaic Holdings Inc. now owns 2,170 shares of the company's stock worth $42,000 after purchasing an additional 696 shares during the period. Finally, PayPay Securities Corp boosted its stake in 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 in 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.