ProShares UltraPro Short QQQ Target of Unusually High Options Trading (NASDAQ:SQQQ)

Key Points

• ProShares UltraPro Short QQQ (NASDAQ:SQQQ) experienced a significant increase in options trading, with 230,192 call options acquired, marking a 48% rise from its average volume.
• The stock price rose 4.6% during trading, reaching $19.27, with a notable trading volume of over 102 million shares.
• Several institutional investors have recently purchased or increased their stakes in SQQQ, indicating growing interest in this inverse ETF linked to the NASDAQ-100 Index.

ProShares UltraPro Short QQQ (NASDAQ:SQQQ - Get Free Report) was the target of some unusual options trading on Friday. Stock traders purchased 230,192 call options on the stock. Thisrepresentsanincreaseof48% compared to the average daily volume of 155,756 call options.

Institutional Trading of ProShares UltraPro Short QQQ

Institutional investors and hedge funds have recently modified their holdings of the stock. IMC Chicago LLC purchased a new stake in shares of ProShares UltraPro Short QQQ in the first quarter valued at about $17,319,000. Squarepoint Ops LLC purchased a new position in shares of ProShares UltraPro Short QQQ in the fourth quarter worth about $7,334,000. Smithfield Trust Co grew its position in shares of ProShares UltraPro Short QQQ by 503.5% in the first quarter. Smithfield Trust Co now owns 272,200 shares of the company's stock valued at $10,436,000 after purchasing an additional 227,100 shares in the last quarter. Lane Generational LLC purchased a new position in ProShares UltraPro Short QQQ during the 2nd quarter valued at about $4,187,000. Finally, Goldman Sachs Group Inc. purchased a new position in ProShares UltraPro Short QQQ during the first quarter valued at approximately $7,668,000.

ProShares UltraPro Short QQQ Trading Up 1.6%

SQQQ traded up $0.30 on Tuesday, hitting $18.75. 60,923,140 shares of the stock were exchanged, compared to its average volume of 91,947,211. ProShares UltraPro Short QQQ has a 12 month low of $17.49 and a 12 month high of $57.80. The business has a 50-day moving average of $20.55 and a two-hundred day moving average of $28.26.

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 paid a $0.2566 dividend. The ex-dividend date of this dividend was Wednesday, June 25th. This represents a $1.03 annualized dividend and a dividend yield of 5.5%.

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.