ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Shares Gap Up – Time to Buy?

ProShares UltraPro Short QQQ (NASDAQ:SQQQ)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $38.64, but opened at $40.08. ProShares UltraPro Short QQQ shares last traded at $39.9430, with a volume of 12,589,883 shares trading hands.

ProShares UltraPro Short QQQ Trading Up 2.5%

The stock’s fifty day moving average is $39.85 and its 200-day moving average is $50.48.

Hedge Funds Weigh In On ProShares UltraPro Short QQQ

A number of hedge funds have recently bought and sold shares of SQQQ. Parallel Advisors LLC increased its holdings in ProShares UltraPro Short QQQ by 104.0% in the 1st quarter. Parallel Advisors LLC now owns 814 shares of the company’s stock worth $66,000 after acquiring an additional 415 shares in the last quarter. Larson Financial Group LLC acquired a new stake in shares of ProShares UltraPro Short QQQ in the fourth quarter valued at about $29,000. Osaic Holdings Inc. grew its position in shares of ProShares UltraPro Short QQQ by 47.2% in the second quarter. Osaic Holdings Inc. now owns 2,170 shares of the company’s stock valued at $42,000 after purchasing an additional 696 shares during the period. Beacon Investment Advisory Services Inc. purchased a new position in ProShares UltraPro Short QQQ in the 2nd quarter valued at about $46,000. Finally, PayPay Securities Corp lifted its stake in 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 buying an additional 1,286 shares in the last quarter.

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.