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

Key Points

• ProShares UltraPro Short QQQ (SQQQ) gapped up, opening at $79.02 vs a prior close of $76.96 and last trading near $78.71, up about 4.7% on roughly 16.7 million shares traded.
• The fund disclosed a quarterly dividend of $0.6384 (annualized $2.55) with an ex‑dividend/record date of March 25 and a pay date of March 31, implying a yield of about 3.2%.
• SQQQ is a leveraged -3x ETF that seeks daily returns equal to three times the inverse of the NASDAQ‑100 using derivatives, making it primarily a short‑term hedging tool rather than a buy‑and‑hold investment.

ProShares UltraPro Short QQQ (NASDAQ:SQQQ - )'s stock price gapped up prior to trading on Thursday . The stock had previously closed at $76.96, but opened at $79.02. ProShares UltraPro Short QQQ shares last traded at $78.7110, with a volume of 16,711,539 shares changing hands.

ProShares UltraPro Short QQQ Stock Up 4.7%

The firm's 50 day moving average is $70.68 and its two-hundred day moving average is $71.49.

ProShares UltraPro Short QQQ Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Wednesday, March 25th will be given a $0.6384 dividend. This represents a $2.55 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend is Wednesday, March 25th.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Larson Financial Group LLC acquired a new position in ProShares UltraPro Short QQQ in the fourth quarter valued at $29,000. Parallel Advisors LLC increased its stake in shares of ProShares UltraPro Short QQQ by 105.4% during the 3rd quarter. Parallel Advisors LLC now owns 1,992 shares of the company's stock valued at $30,000 after acquiring an additional 1,022 shares during the last quarter. MAI Capital Management purchased a new position in shares of ProShares UltraPro Short QQQ during the 2nd quarter worth about $38,000. Osaic Holdings Inc. grew its holdings 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 valued at $42,000 after purchasing an additional 696 shares during the period. Finally, FNY Investment Advisers LLC acquired a new position in ProShares UltraPro Short QQQ during the third quarter worth 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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