ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Shares Gap Down – Time to Sell?

Shares of ProShares UltraPro Short QQQ (NASDAQ:SQQQ) gapped down prior to trading on Tuesday . The stock had previously closed at $50.17, but opened at $45.10. ProShares UltraPro Short QQQ shares last traded at $44.24, with a volume of 17,637,365 shares trading hands.

ProShares UltraPro Short QQQ Price Performance

The stock’s 50-day moving average is $34.58 and its 200 day moving average is $33.26.

ProShares UltraPro Short QQQ Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Wednesday, March 26th were given a dividend of $0.4823 per share. This represents a $1.93 dividend on an annualized basis and a dividend yield of 5.05%. The ex-dividend date of this dividend was Wednesday, March 26th.

Institutional Trading of ProShares UltraPro Short QQQ

Several hedge funds have recently bought and sold shares of the stock. Headlands Technologies LLC bought a new position in shares of ProShares UltraPro Short QQQ during the fourth quarter worth about $2,922,000. Capital Investment Advisory Services LLC bought a new position in shares of ProShares UltraPro Short QQQ during the 4th quarter worth approximately $2,374,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in ProShares UltraPro Short QQQ in the 4th quarter valued at $439,000. Compagnie Lombard Odier SCmA boosted its holdings in shares of ProShares UltraPro Short QQQ by 3,357.5% in the 4th quarter. Compagnie Lombard Odier SCmA now owns 16,596 shares of the company’s stock valued at $517,000 after buying an additional 16,116 shares during the last quarter. Finally, SBI Securities Co. Ltd. bought a new stake in shares of ProShares UltraPro Short QQQ in the 4th quarter valued at about $423,000.

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.