ProShares UltraPro Short QQQ Sees Unusually Large Options Volume (NASDAQ:SQQQ)

Key Points

• On Friday, investors purchased 84,880 call options on SQQQ, a roughly 57% increase versus the typical daily call volume of 54,156.
• Several institutions recently established or increased positions in SQQQ, notably Goldman Sachs with a new ~\$7.67M stake, plus new/additional positions from JPMorgan, Jump Financial and Qube Research.
• SQQQ is a leveraged ETF that seeks daily results equal to three times the inverse of the NASDAQ-100, using derivatives and short-term cash instruments.

ProShares UltraPro Short QQQ (NASDAQ:SQQQ - ) was the recipient of unusually large options trading activity on Friday. Stock investors purchased 84,880 call options on the company. This represents an increase of 57% compared to the typical volume of 54,156 call options.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SQQQ. Goldman Sachs Group Inc. bought a new position in ProShares UltraPro Short QQQ during the first quarter worth about $7,668,000. JPMorgan Chase & Co. acquired a new stake in shares of ProShares UltraPro Short QQQ during the second quarter worth approximately $400,000. Cresset Asset Management LLC acquired a new stake in shares of ProShares UltraPro Short QQQ during the second quarter worth approximately $198,000. Jump Financial LLC acquired a new stake in shares of ProShares UltraPro Short QQQ during the second quarter worth approximately $2,794,000. Finally, Qube Research & Technologies Ltd increased its holdings in shares of ProShares UltraPro Short QQQ by 2,856.6% during the second quarter. Qube Research & Technologies Ltd now owns 10,969 shares of the company's stock worth $215,000 after buying an additional 10,598 shares in the last quarter.

ProShares UltraPro Short QQQ Stock Performance

SQQQ stock opened at $67.62 on Friday. The company has a 50-day moving average of $73.41 and a two-hundred day moving average of $71.19. ProShares UltraPro Short QQQ has a 52-week low of $61.72 and a 52-week high of $214.40.

ProShares UltraPro Short QQQ Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Wednesday, March 25th were given a dividend of $0.6384 per share. The ex-dividend date of this dividend was Wednesday, March 25th. This represents a $2.55 dividend on an annualized basis and a dividend yield of 3.8%.

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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