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

ProShares UltraPro Short QQQ (NASDAQ:SQQQ)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $35.34, but opened at $37.44. ProShares UltraPro Short QQQ shares last traded at $37.17, with a volume of 23,976,377 shares trading hands.

ProShares UltraPro Short QQQ Stock Performance

The stock has a 50 day moving average price of $35.02 and a 200 day moving average price of $33.23.

ProShares UltraPro Short QQQ Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Wednesday, March 26th were given a dividend of $0.4823 per share. The ex-dividend date of this dividend was Wednesday, March 26th. This represents a $1.93 annualized dividend and a yield of 5.21%.

Hedge Funds Weigh In On ProShares UltraPro Short QQQ

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. IMC Chicago LLC acquired a new position in shares of ProShares UltraPro Short QQQ during the first quarter worth $17,319,000. Sollinda Capital Management LLC bought a new position in ProShares UltraPro Short QQQ during the 4th quarter worth $13,933,000. Squarepoint Ops LLC acquired a new position in ProShares UltraPro Short QQQ during the 4th quarter worth about $7,334,000. Barclays PLC increased its stake in shares of ProShares UltraPro Short QQQ by 157.8% in the third quarter. Barclays PLC now owns 203,395 shares of the company’s stock valued at $1,503,000 after buying an additional 124,500 shares during the period. Finally, DRW Securities LLC bought a new position in shares of ProShares UltraPro Short QQQ during the fourth quarter worth about $3,155,000.

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.