ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Shares Gap Down – Here’s Why

Shares of ProShares UltraPro Short QQQ (NASDAQ:SQQQ) gapped down before the market opened on Monday . The stock had previously closed at $43.19, but opened at $40.92. ProShares UltraPro Short QQQ shares last traded at $41.3920, with a volume of 23,482,853 shares trading hands.

ProShares UltraPro Short QQQ Trading Down 5.6%

The stock’s fifty day moving average price is $54.32 and its 200-day moving average price is $64.40.

Institutional Investors Weigh In On ProShares UltraPro Short QQQ

A number of large investors have recently made changes to their positions in SQQQ. Goldman Sachs Group Inc. acquired a new stake in shares of ProShares UltraPro Short QQQ during the first quarter valued at approximately $7,668,000. JPMorgan Chase & Co. acquired a new stake in shares of ProShares UltraPro Short QQQ during the second quarter valued at approximately $400,000. Cresset Asset Management LLC acquired a new stake in shares of ProShares UltraPro Short QQQ during the second quarter valued at approximately $198,000. Jump Financial LLC acquired a new stake in shares of ProShares UltraPro Short QQQ during the second quarter valued at approximately $2,794,000. Finally, Qube Research & Technologies Ltd raised its holdings in shares of ProShares UltraPro Short QQQ by 2,856.6% during 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.

About ProShares UltraPro Short QQQ

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.