ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Stock Price Down 4.2% - Should You Sell?

Key Points

• SQQQ fell 4.2% intraday to $75.82, with 18.22 million shares traded—about a 66% decline from its average daily volume of 54.13 million.
• The fund disclosed a quarterly dividend of $0.6384 (annualized $2.55), implying a 3.3% yield, payable March 31 with an ex-dividend/record date of March 25.
• ProShares UltraPro Short QQQ is a 3x inverse NASDAQ-100 ETF that uses derivatives and short-term cash instruments, making it a leveraged short/hedging vehicle rather than a buy-and-hold investment.

ProShares UltraPro Short QQQ (NASDAQ:SQQQ - )'s stock price fell 4.2% during mid-day trading on Wednesday . The stock traded as low as $75.51 and last traded at $75.8220. 18,216,999 shares were traded during trading, a decline of 66% from the average session volume of 54,131,578 shares. The stock had previously closed at $79.14.

ProShares UltraPro Short QQQ Price Performance

The business has a 50-day moving average of $70.48 and a 200 day moving average of $71.45.

ProShares UltraPro Short QQQ Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Wednesday, March 25th will be paid a $0.6384 dividend. The ex-dividend date is Wednesday, March 25th. This represents a $2.55 annualized dividend and a yield of 3.3%.

Institutional Trading of ProShares UltraPro Short QQQ

A number of institutional investors and hedge funds have recently modified their holdings of SQQQ. Larson Financial Group LLC purchased a new stake in shares of ProShares UltraPro Short QQQ during the 4th quarter valued at $29,000. Parallel Advisors LLC raised its stake in 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 purchasing an additional 1,022 shares during the period. MAI Capital Management bought a new position in ProShares UltraPro Short QQQ in the 2nd quarter worth approximately $38,000. Osaic Holdings Inc. lifted its holdings in shares of 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 buying an additional 696 shares in the last quarter. Finally, FNY Investment Advisers LLC bought a new stake in ProShares UltraPro Short QQQ in the 3rd 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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