ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Reaches New 1-Year Low – What’s Next?

Shares of ProShares UltraPro Short QQQ (NASDAQ:SQQQ) hit a new 52-week low during trading on Wednesday . The stock traded as low as $48.30 and last traded at $48.59, with a volume of 41543287 shares trading hands. The stock had previously closed at $50.51.

ProShares UltraPro Short QQQ Trading Down 3.8%

The firm has a fifty day simple moving average of $68.97 and a 200 day simple moving average of $69.02.

Hedge Funds Weigh In On ProShares UltraPro Short QQQ

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SQQQ. Goldman Sachs Group Inc. acquired a new position in ProShares UltraPro Short QQQ during the first quarter valued at approximately $7,668,000. JPMorgan Chase & Co. acquired a new position in ProShares UltraPro Short QQQ during the second quarter valued at approximately $400,000. Cresset Asset Management LLC bought a new stake in shares of ProShares UltraPro Short QQQ in the second quarter valued at approximately $198,000. Jump Financial LLC bought a new stake in shares of ProShares UltraPro Short QQQ in the second quarter valued at approximately $2,794,000. Finally, Qube Research & Technologies Ltd boosted its position in shares of ProShares UltraPro Short QQQ by 2,856.6% in the second quarter. Qube Research & Technologies Ltd now owns 10,969 shares of the company’s stock valued at $215,000 after acquiring an additional 10,598 shares during the period.

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.