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

ProShares UltraPro Short QQQ (NASDAQ:SQQQ) shares gapped down prior to trading on Tuesday . The stock had previously closed at $41.50, but opened at $40.05. ProShares UltraPro Short QQQ shares last traded at $39.86, with a volume of 12,189,875 shares changing hands.

ProShares UltraPro Short QQQ Stock Down 4.5%

The stock has a 50 day moving average price of $61.08 and a 200 day moving average price of $66.42.

Hedge Funds Weigh In On ProShares UltraPro Short QQQ

Several large investors have recently added to or reduced their stakes in SQQQ. Parallel Advisors LLC lifted its position in shares of ProShares UltraPro Short QQQ by 104.0% during the 1st quarter. Parallel Advisors LLC now owns 814 shares of the company’s stock worth $66,000 after buying an additional 415 shares in the last quarter. Larson Financial Group LLC bought a new position in shares of ProShares UltraPro Short QQQ during the 4th quarter worth approximately $29,000. Osaic Holdings Inc. lifted its position in shares of ProShares UltraPro Short QQQ by 47.2% during the 2nd quarter. Osaic Holdings Inc. now owns 2,170 shares of the company’s stock worth $42,000 after buying an additional 696 shares in the last quarter. FNY Investment Advisers LLC lifted its position in shares of ProShares UltraPro Short QQQ by 25.7% during the 4th quarter. FNY Investment Advisers LLC now owns 5,278 shares of the company’s stock worth $361,000 after buying an additional 1,078 shares in the last quarter. Finally, Sunbelt Securities Inc. bought a new position in shares of ProShares UltraPro Short QQQ during the 4th quarter worth approximately $137,000.

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.