ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Shares Up 6.6% – Still a Buy?

Shares of ProShares UltraPro Short QQQ (NASDAQ:SQQQ) shot up 6.6% during trading on Friday . The company traded as high as $40.13 and last traded at $40.2550. 17,903,245 shares were traded during mid-day trading, a decline of 68% from the average session volume of 56,240,953 shares. The stock had previously closed at $37.76.

ProShares UltraPro Short QQQ Stock Up 8.0%

The stock has a 50-day moving average of $54.99 and a 200 day moving average of $64.62.

Institutional Trading of ProShares UltraPro Short QQQ

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SQQQ. Larson Financial Group LLC acquired a new stake in ProShares UltraPro Short QQQ in the fourth quarter worth about $29,000. Parallel Advisors LLC increased its position in ProShares UltraPro Short QQQ by 105.4% in the third quarter. Parallel Advisors LLC now owns 1,992 shares of the company’s stock worth $30,000 after purchasing an additional 1,022 shares during the period. Osaic Holdings Inc. increased its position in ProShares UltraPro Short QQQ by 47.2% in the second quarter. Osaic Holdings Inc. now owns 2,170 shares of the company’s stock worth $42,000 after purchasing an additional 696 shares during the period. FNY Investment Advisers LLC acquired a new stake in ProShares UltraPro Short QQQ in the third quarter worth about $63,000. Finally, Sunbelt Securities Inc. acquired a new stake in ProShares UltraPro Short QQQ in the fourth quarter worth about $137,000.

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. 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.