ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Trading 6.7% Higher – Still a Buy?

ProShares UltraPro Short QQQ (NASDAQ:SQQQ) shares shot up 6.7% during trading on Thursday . The stock traded as high as $67.11 and last traded at $66.9980. 38,565,226 shares traded hands during trading, a decline of 3% from the average session volume of 39,892,883 shares. The stock had previously closed at $62.79.

ProShares UltraPro Short QQQ Price Performance

The company has a 50-day moving average of $68.09 and a 200-day moving average of $76.70.

ProShares UltraPro Short QQQ Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Wednesday, December 24th were paid a $1.5055 dividend. This represents a $6.02 dividend on an annualized basis and a yield of 9.3%. The ex-dividend date of this dividend was Wednesday, December 24th. This is an increase from ProShares UltraPro Short QQQ’s previous quarterly dividend of $1.21.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Parallel Advisors LLC lifted its stake in shares of ProShares UltraPro Short QQQ by 105.4% during the third quarter. Parallel Advisors LLC now owns 1,992 shares of the company’s stock worth $30,000 after purchasing an additional 1,022 shares in the last quarter. MAI Capital Management purchased a new stake in ProShares UltraPro Short QQQ during the 2nd quarter worth $38,000. Osaic Holdings Inc. grew its stake in shares of ProShares UltraPro Short QQQ by 47.2% during the second quarter. Osaic Holdings Inc. now owns 2,170 shares of the company’s stock valued at $42,000 after acquiring an additional 696 shares in the last quarter. PayPay Securities Corp boosted its holdings in ProShares UltraPro Short QQQ by 100.8% in the second quarter. PayPay Securities Corp now owns 3,124 shares of the company’s stock valued at $61,000 after purchasing an additional 1,568 shares during the last quarter. Finally, FNY Investment Advisers LLC bought a new stake in shares of ProShares UltraPro Short QQQ in the third quarter worth $63,000.

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. 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.