ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Stock Price Up 4.6% - Time to Buy?

Key Points

• SQQQ rose 4.6% to $73.92 on Thursday with mid-day volume around 18.3M shares (down ~66% from its ~53.7M average); its 50‑day and 200‑day moving averages are $68.74 and $72.39, respectively.
• SQQQ is a 3x inverse NASDAQ‑100 fund that uses derivatives to deliver -3x daily performance; the fund recently raised its quarterly dividend to $1.5055 (annualized $6.02, ~8.2% yield) and several institutional investors (including Quadrature, Citigroup, Flow Traders and Smithfield) added or increased multi‑million‑dollar positions.

ProShares UltraPro Short QQQ (NASDAQ:SQQQ - )'s stock price were up 4.6% on Thursday . The company traded as high as $73.63 and last traded at $73.92. Approximately 18,323,559 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 53,659,371 shares. The stock had previously closed at $70.65.

ProShares UltraPro Short QQQ Price Performance

The business has a fifty day moving average of $68.74 and a 200-day moving average of $72.39.

ProShares UltraPro Short QQQ Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 24th were paid a $1.5055 dividend. The ex-dividend date of this dividend was Wednesday, December 24th. This is a positive change from ProShares UltraPro Short QQQ's previous quarterly dividend of $1.21. This represents a $6.02 annualized dividend and a dividend yield of 8.2%.

Hedge Funds Weigh In On ProShares UltraPro Short QQQ

Hedge funds have recently modified their holdings of the company. Quadrature Capital Ltd bought a new position in ProShares UltraPro Short QQQ in the 3rd quarter valued at $33,368,000. Citigroup Inc. grew its position in shares of ProShares UltraPro Short QQQ by 17.5% in the 3rd quarter. Citigroup Inc. now owns 714,260 shares of the company's stock valued at $10,878,000 after acquiring an additional 106,243 shares during the period. Flow Traders U.S. LLC raised its holdings in shares of ProShares UltraPro Short QQQ by 168.5% in the 3rd quarter. Flow Traders U.S. LLC now owns 672,442 shares of the company's stock valued at $10,241,000 after purchasing an additional 421,972 shares during the period. Q Fund Management Hong Kong Ltd acquired a new stake in ProShares UltraPro Short QQQ in the 2nd quarter valued at about $11,051,000. Finally, Smithfield Trust Co grew its holdings in ProShares UltraPro Short QQQ by 330.6% during the third quarter. Smithfield Trust Co now owns 559,600 shares of the company's stock worth $8,523,000 after purchasing an additional 429,640 shares during the period.

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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