ProShares UltraPro QQQ (NASDAQ:TQQQ) Hits New 12-Month High – Still a Buy?

ProShares UltraPro QQQ (NASDAQ:TQQQ)’s share price hit a new 52-week high during trading on Tuesday . The stock traded as high as $80.82 and last traded at $80.22, with a volume of 11080666 shares changing hands. The stock had previously closed at $77.84.

ProShares UltraPro QQQ Price Performance

The company has a 50-day moving average price of $57.60 and a 200 day moving average price of $54.31. The firm has a market capitalization of $40.07 billion, a PE ratio of 38.25 and a beta of 3.66.

Institutional Investors Weigh In On ProShares UltraPro QQQ

Hedge funds have recently made changes to their positions in the company. Sherman Wealth Management LLC purchased a new stake in shares of ProShares UltraPro QQQ in the fourth quarter worth about $2,249,000. Paragon Advisors LLC lifted its position in shares of ProShares UltraPro QQQ by 104.6% in the fourth quarter. Paragon Advisors LLC now owns 146,543 shares of the exchange traded fund’s stock worth $7,726,000 after buying an additional 74,933 shares in the last quarter. Spire Wealth Management lifted its position in shares of ProShares UltraPro QQQ by 4,456.0% in the fourth quarter. Spire Wealth Management now owns 28,657 shares of the exchange traded fund’s stock worth $1,511,000 after buying an additional 28,028 shares in the last quarter. MFG Wealth Management Inc. lifted its position in shares of ProShares UltraPro QQQ by 98.3% in the fourth quarter. MFG Wealth Management Inc. now owns 67,453 shares of the exchange traded fund’s stock worth $3,556,000 after buying an additional 33,442 shares in the last quarter. Finally, Diversified Trust Co. lifted its position in shares of ProShares UltraPro QQQ by 100.0% in the fourth quarter. Diversified Trust Co. now owns 110,000 shares of the exchange traded fund’s stock worth $5,799,000 after buying an additional 55,000 shares in the last quarter.

ProShares UltraPro QQQ Company Profile

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.