ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Trading Down 3.3% - Here's What Happened

Key Points

• ProShares UltraPro Short QQQ (NASDAQ:SQQQ) saw its share price decline by 3.3% to $13.93 during mid-day trading, significantly below its previous close of $14.40.
• The fund recently paid a quarterly dividend of $0.2427 per share, yielding approximately 7.0% on an annualized basis.
• Several institutional investors and hedge funds have changed their positions in SQQQ, highlighting growing interest, including acquisitions worth between $563,000 to $1.9 million in the first quarter.

ProShares UltraPro Short QQQ (NASDAQ:SQQQ - )'s share price were down 3.3% during mid-day trading on Friday . The company traded as low as $13.93 and last traded at $13.93. Approximately 36,834,968 shares were traded during trading, a decline of 62% from the average daily volume of 98,188,586 shares. The stock had previously closed at $14.40.

ProShares UltraPro Short QQQ Trading Down 3.4%

The business's 50 day moving average price is $16.22 and its 200-day moving average price is $21.79.

ProShares UltraPro Short QQQ Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Wednesday, September 24th were paid a dividend of $0.2427 per share. This represents a $0.97 dividend on an annualized basis and a dividend yield of 7.0%. The ex-dividend date was Wednesday, September 24th.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in SQQQ. Canal Insurance CO acquired a new position in ProShares UltraPro Short QQQ during the first quarter worth about $1,917,000. CWM LLC acquired a new position in ProShares UltraPro Short QQQ during the first quarter worth about $1,016,000. SBI Securities Co. Ltd. grew its position in ProShares UltraPro Short QQQ by 18.2% during the first quarter. SBI Securities Co. Ltd. now owns 16,070 shares of the company's stock worth $616,000 after buying an additional 2,480 shares during the period. Private Advisor Group LLC acquired a new position in ProShares UltraPro Short QQQ during the first quarter worth about $563,000. Finally, Redwood Park Advisors LLC grew its position in ProShares UltraPro Short QQQ by 69.3% during the first quarter. Redwood Park Advisors LLC now owns 887 shares of the company's stock worth $34,000 after buying an additional 363 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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