ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Stock Price Down 24% – Should You Sell?

ProShares UltraPro Short QQQ (NASDAQ:SQQQ)’s share price traded down 24% on Wednesday . The stock traded as low as $38.68 and last traded at $40.26. 137,458,012 shares were traded during mid-day trading, an increase of 205% from the average session volume of 45,031,903 shares. The stock had previously closed at $52.97.

ProShares UltraPro Short QQQ Stock Performance

The stock has a 50-day moving average of $34.73 and a two-hundred day moving average of $33.25.

ProShares UltraPro Short QQQ Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Wednesday, March 26th were issued 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 dividend yield of 5.33%.

Hedge Funds Weigh In On ProShares UltraPro Short QQQ

A number of hedge funds have recently bought and sold shares of the company. Headlands Technologies LLC bought a new stake in ProShares UltraPro Short QQQ during the 4th quarter valued at about $2,922,000. DRW Securities LLC bought a new stake in shares of ProShares UltraPro Short QQQ during the fourth quarter valued at approximately $3,155,000. Capital Investment Advisory Services LLC purchased a new position in ProShares UltraPro Short QQQ in the 4th quarter worth approximately $2,374,000. Mirae Asset Global Investments Co. Ltd. bought a new position in ProShares UltraPro Short QQQ in the 4th quarter valued at approximately $439,000. Finally, Compagnie Lombard Odier SCmA lifted its position in 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 acquiring an additional 16,116 shares in the last quarter.

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.