ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Shares Gap Up – Still a Buy?

Shares of ProShares UltraPro Short QQQ (NASDAQ:SQQQ) gapped up prior to trading on Wednesday . The stock had previously closed at $28.10, but opened at $29.03. ProShares UltraPro Short QQQ shares last traded at $28.37, with a volume of 18,808,872 shares changing hands.

ProShares UltraPro Short QQQ Price Performance

The company’s 50 day simple moving average is $29.42 and its 200 day simple moving average is $35.58.

ProShares UltraPro Short QQQ Increases Dividend

The business also recently announced a dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 23rd were paid a dividend of $0.8168 per share. This is a boost from ProShares UltraPro Short QQQ’s previous dividend of $0.75. The ex-dividend date of this dividend was Monday, December 23rd.

Institutional Investors Weigh In On ProShares UltraPro Short QQQ

Hedge funds have recently bought and sold shares of the stock. Centerpoint Advisors LLC grew its position in shares of ProShares UltraPro Short QQQ by 20.0% during the fourth quarter. Centerpoint Advisors LLC now owns 6,000 shares of the company’s stock worth $187,000 after buying an additional 1,000 shares in the last quarter. Peoples Bank KS acquired a new position in ProShares UltraPro Short QQQ during the 4th quarter worth approximately $62,000. SG Americas Securities LLC grew its holdings in ProShares UltraPro Short QQQ by 25.5% during the 3rd quarter. SG Americas Securities LLC now owns 18,090 shares of the company’s stock worth $134,000 after acquiring an additional 3,679 shares in the last quarter. Horizon Kinetics Asset Management LLC increased its position in shares of ProShares UltraPro Short QQQ by 6.2% in the 3rd quarter. Horizon Kinetics Asset Management LLC now owns 65,719 shares of the company’s stock valued at $486,000 after purchasing an additional 3,822 shares during the last quarter. Finally, World Investment Advisors LLC raised its holdings in shares of ProShares UltraPro Short QQQ by 51.0% in the 3rd quarter. World Investment Advisors LLC now owns 28,000 shares of the company’s stock valued at $207,000 after purchasing an additional 9,463 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.