ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Trading 4.4% Higher - Still a Buy?

Key Points

• ProShares UltraPro Short QQQ's stock rose by 4.4% during mid-day trading, reaching a price of $18.05 after closing at $17.29, with trading volume down by 21% from average levels.
• The firm recently cut its quarterly dividend, now providing an annualized dividend of $1.03 per share, yielding 5.7%.
• Several institutional investors have significantly increased their holdings in SQQQ, with notable increases including 600% by Gables Capital Management in the latest quarter.

ProShares UltraPro Short QQQ (NASDAQ:SQQQ - )'s stock price traded up 4.4% during mid-day trading on Tuesday . The stock traded as high as $18.00 and last traded at $18.05. 73,121,248 shares changed hands during mid-day trading, a decline of 21% from the average session volume of 92,843,539 shares. The stock had previously closed at $17.29.

ProShares UltraPro Short QQQ Price Performance

The firm has a 50-day simple moving average of $19.45 and a 200-day simple moving average of $27.48.

ProShares UltraPro Short QQQ Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Wednesday, June 25th were given a dividend of $0.2566 per share. This represents a $1.03 dividend on an annualized basis and a dividend yield of 5.7%. The ex-dividend date of this dividend was Wednesday, June 25th.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in SQQQ. Parallel Advisors LLC bought a new stake in ProShares UltraPro Short QQQ during the 1st quarter valued at approximately $27,000. Redwood Park Advisors LLC raised its stake in ProShares UltraPro Short QQQ by 69.3% during the 1st quarter. Redwood Park Advisors LLC now owns 887 shares of the company's stock valued at $34,000 after purchasing an additional 363 shares during the period. MAI Capital Management bought a new stake in ProShares UltraPro Short QQQ during the 2nd quarter valued at approximately $38,000. PayPay Securities Corp raised its stake in ProShares UltraPro Short QQQ by 85.9% during the 1st quarter. PayPay Securities Corp now owns 1,556 shares of the company's stock valued at $60,000 after purchasing an additional 719 shares during the period. Finally, Gables Capital Management Inc. raised its stake in ProShares UltraPro Short QQQ by 600.0% during the 2nd quarter. Gables Capital Management Inc. now owns 3,500 shares of the company's stock valued at $68,000 after purchasing an additional 3,000 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.

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