ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Trading 6.1% Higher – Should You Buy?

Shares of ProShares UltraPro Short QQQ (NASDAQ:SQQQ) shot up 6.1% on Wednesday . The company traded as high as $30.05 and last traded at $29.77. 48,387,541 shares were traded during trading, an increase of 60% from the average session volume of 30,332,127 shares. The stock had previously closed at $28.07.

ProShares UltraPro Short QQQ Stock Down 2.5 %

The firm has a 50 day simple moving average of $33.26 and a 200-day simple moving average of $39.01.

ProShares UltraPro Short QQQ Increases Dividend

The company also recently announced a dividend, which was paid on Wednesday, October 2nd. Investors of record on Wednesday, September 25th were given a dividend of $0.7475 per share. This is a boost from ProShares UltraPro Short QQQ’s previous dividend of $0.16. The ex-dividend date was Wednesday, September 25th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in SQQQ. Galibier Capital Management Ltd. increased its stake in ProShares UltraPro Short QQQ by 47.5% during the 2nd quarter. Galibier Capital Management Ltd. now owns 43,500 shares of the company’s stock valued at $360,000 after purchasing an additional 14,000 shares in the last quarter. International Assets Investment Management LLC purchased a new position in ProShares UltraPro Short QQQ in the 2nd quarter worth $41,000. AFG Fiduciary Services Limited Partnership grew its stake in ProShares UltraPro Short QQQ by 171.4% during the 2nd quarter. AFG Fiduciary Services Limited Partnership now owns 35,130 shares of the company’s stock valued at $284,000 after purchasing an additional 22,184 shares during the last quarter. Embree Financial Group increased its holdings in shares of ProShares UltraPro Short QQQ by 20.3% in the second quarter. Embree Financial Group now owns 32,607 shares of the company’s stock valued at $270,000 after purchasing an additional 5,500 shares during the period. Finally, Midland Wealth Advisors LLC purchased a new position in shares of ProShares UltraPro Short QQQ in the second quarter worth about $257,000.

ProShares UltraPro Short QQQ Company Profile

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.