ProShares UltraPro QQQ (NASDAQ:TQQQ) Sets New 52-Week High – Time to Buy?

ProShares UltraPro QQQ (NASDAQ:TQQQ) hit a new 52-week high on Thursday . The company traded as high as $60.69 and last traded at $60.5380, with a volume of 31203097 shares traded. The stock had previously closed at $60.21.

ProShares UltraPro QQQ Price Performance

The business’s 50-day moving average price is $48.30 and its two-hundred day moving average price is $51.84. The company has a market capitalization of $32.10 billion, a P/E ratio of 38.25 and a beta of 3.53.

Hedge Funds Weigh In On ProShares UltraPro QQQ

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Howard Capital Management Inc. boosted its position in shares of ProShares UltraPro QQQ by 83.6% during the fourth quarter. Howard Capital Management Inc. now owns 8,465,262 shares of the exchange traded fund’s stock worth $446,289,000 after purchasing an additional 3,855,510 shares in the last quarter. Oriental Harbor Investment Master Fund raised its holdings in shares of ProShares UltraPro QQQ by 100.0% during the fourth quarter. Oriental Harbor Investment Master Fund now owns 2,401,640 shares of the exchange traded fund’s stock worth $126,614,000 after acquiring an additional 1,200,820 shares during the period. PPSC Investment Service Corp raised its holdings in shares of ProShares UltraPro QQQ by 2.5% during the first quarter. PPSC Investment Service Corp now owns 1,279,774 shares of the exchange traded fund’s stock worth $53,341,000 after acquiring an additional 30,989 shares during the period. McElhenny Sheffield Capital Management LLC raised its holdings in shares of ProShares UltraPro QQQ by 77.7% during the fourth quarter. McElhenny Sheffield Capital Management LLC now owns 1,213,489 shares of the exchange traded fund’s stock worth $63,975,000 after acquiring an additional 530,708 shares during the period. Finally, Cantor Fitzgerald L. P. raised its holdings in shares of ProShares UltraPro QQQ by 823.5% during the third quarter. Cantor Fitzgerald L. P. now owns 779,017 shares of the exchange traded fund’s stock worth $80,550,000 after acquiring an additional 694,661 shares during the period.

About ProShares UltraPro QQQ

Proshares UltraPro QQQ ETF (the Fund) seeks daily investment results, before fees and expenses that correspond to triple (300%) the daily performance of the NASDAQ-100 Index (the Index). The Fund invests in equity securities, derivatives, such as futures contracts, swap agreements, and money market instruments. ProShare Advisors LLC (ProShare Advisors) provides the investment advisory and management services for the Fund.