ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Shares Gap Up – Time to Buy?

ProShares UltraPro Short QQQ (NASDAQ:SQQQ) shares gapped up prior to trading on Thursday. The stock had previously closed at $34.14, but opened at $34.97. ProShares UltraPro Short QQQ shares last traded at $34.6730, with a volume of 13,903,616 shares traded.

ProShares UltraPro Short QQQ Price Performance

The firm has a 50 day moving average of $39.27 and a two-hundred day moving average of $47.80.

Hedge Funds Weigh In On ProShares UltraPro Short QQQ

Several institutional investors and hedge funds have recently modified their holdings of the stock. Trivest Advisors Ltd bought a new position in ProShares UltraPro Short QQQ in the 2nd quarter worth about $14,194,000. IMC Chicago LLC increased its stake in ProShares UltraPro Short QQQ by 267.3% during the 1st quarter. IMC Chicago LLC now owns 809,094 shares of the company’s stock valued at $65,124,000 after purchasing an additional 588,799 shares in the last quarter. Hamilton Wealth LLC raised its holdings in ProShares UltraPro Short QQQ by 1,087.5% in the fourth quarter. Hamilton Wealth LLC now owns 118,754 shares of the company’s stock worth $8,135,000 after buying an additional 108,754 shares during the last quarter. Nwam LLC purchased a new position in ProShares UltraPro Short QQQ in the first quarter worth about $1,460,000. Finally, PayPay Securities Corp lifted its stake in shares of ProShares UltraPro Short QQQ by 131.4% in the second quarter. PayPay Securities Corp now owns 2,265 shares of the company’s stock worth $82,000 after buying an additional 1,286 shares in the last quarter.

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.