ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Shares Gap Up - Here's Why

Key Points

• Shares of ProShares UltraPro Short QQQ (SQQQ) gapped up pre-market—opening at $77.28 vs. the prior close of $75.21—and were trading up about 2.3% on heavy volume (~20.4M shares).
• The fund raised its quarterly dividend to $1.5055 from $1.21, implying a $6.02 annualized payout and a 7.8% yield.
• SQQQ is a leveraged inverse ETF that seeks daily results equal to three times the inverse of the NASDAQ-100 using derivatives, making it a tactical hedging/shorting tool rather than a long-term investment.

ProShares UltraPro Short QQQ (NASDAQ:SQQQ - )'s share price gapped up prior to trading on Thursday . The stock had previously closed at $75.21, but opened at $77.28. ProShares UltraPro Short QQQ shares last traded at $76.9390, with a volume of 20,408,041 shares changing hands.

ProShares UltraPro Short QQQ Trading Up 2.3%

The business's fifty day moving average price is $69.44 and its 200 day moving average price is $71.88.

ProShares UltraPro Short QQQ Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 24th were issued 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 was Wednesday, December 24th. This represents a $6.02 annualized dividend and a yield of 7.8%.

Institutional Investors Weigh In On ProShares UltraPro Short QQQ

Several institutional investors have recently added to or reduced their stakes in SQQQ. Larson Financial Group LLC bought a new stake in shares of ProShares UltraPro Short QQQ during the fourth quarter worth approximately $29,000. Parallel Advisors LLC lifted its holdings in shares of ProShares UltraPro Short QQQ by 105.4% during the third quarter. Parallel Advisors LLC now owns 1,992 shares of the company's stock worth $30,000 after buying an additional 1,022 shares in the last quarter. MAI Capital Management acquired a new position in shares of ProShares UltraPro Short QQQ in the second quarter valued at about $38,000. Osaic Holdings Inc. increased its position in ProShares UltraPro Short QQQ by 47.2% during the second quarter. Osaic Holdings Inc. now owns 2,170 shares of the company's stock worth $42,000 after acquiring an additional 696 shares during the period. Finally, FNY Investment Advisers LLC acquired a new stake in ProShares UltraPro Short QQQ in the 3rd quarter worth about $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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