ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Stock Price Up 4.7% - Time to Buy?

Key Points

• ProShares UltraPro Short QQQ (SQQQ) rose 4.7% to $79.49 on Tuesday, with about 21.1 million shares traded — roughly 62% below its average daily volume of 55.1 million.
• The fund paid a quarterly dividend of $0.6384 (ex-dividend March 25), which annualizes to $2.55 and implies a yield of about 3.3%.
• SQQQ seeks daily results equal to three times the inverse of the NASDAQ‑100, and several institutional investors (including Quadrature Capital, Citigroup and Flow Traders) recently initiated or materially increased positions in the fund.

ProShares UltraPro Short QQQ (NASDAQ:SQQQ - ) rose 4.7% during trading on Tuesday . The stock traded as high as $79.39 and last traded at $79.4870. Approximately 21,091,606 shares were traded during trading, a decline of 62% from the average daily volume of 55,090,707 shares. The stock had previously closed at $75.92.

ProShares UltraPro Short QQQ Trading Up 2.1%

The company's fifty day simple moving average is $72.93 and its 200 day simple moving average is $71.30.

ProShares UltraPro Short QQQ Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Wednesday, March 25th were issued a dividend of $0.6384 per share. The ex-dividend date of this dividend was Wednesday, March 25th. This represents a $2.55 annualized dividend and a yield of 3.3%.

Institutional Investors Weigh In On ProShares UltraPro Short QQQ

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

About ProShares UltraPro Short QQQ

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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