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 Wednesday. The stock had previously closed at $43.56, but opened at $41.13. ProShares UltraPro Short QQQ shares last traded at $41.2360, with a volume of 12,545,000 shares changing hands.

ProShares UltraPro Short QQQ Price Performance

The business’s fifty day moving average price is $37.71 and its two-hundred day moving average price is $49.46.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Beacon Investment Advisory Services Inc. acquired a new stake in shares of ProShares UltraPro Short QQQ during the second quarter worth $46,000. Parallel Advisors LLC grew its holdings in shares of ProShares UltraPro Short QQQ by 104.0% during the first quarter. Parallel Advisors LLC now owns 814 shares of the company’s stock valued at $66,000 after buying an additional 415 shares during the last quarter. PayPay Securities Corp increased its position in shares of ProShares UltraPro Short QQQ by 131.4% in the 2nd quarter. PayPay Securities Corp now owns 2,265 shares of the company’s stock valued at $82,000 after acquiring an additional 1,286 shares during the period. Ramsey Quantitative Systems acquired a new position in shares of ProShares UltraPro Short QQQ in the 2nd quarter valued at $102,000. Finally, Eastern Bank acquired a new position in shares of ProShares UltraPro Short QQQ in the 2nd quarter valued at $129,000.

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.