ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Trading 8.3% Higher – Still a Buy?

ProShares UltraPro Short QQQ (NASDAQ:SQQQ)’s stock price shot up 8.3% during mid-day trading on Monday . The company traded as high as $37.23 and last traded at $37.32. 16,968,286 shares were traded during trading, a decline of 73% from the average session volume of 62,271,230 shares. The stock had previously closed at $34.47.

ProShares UltraPro Short QQQ Price Performance

The stock’s 50 day moving average price is $29.74 and its 200-day moving average price is $33.67.

ProShares UltraPro Short QQQ Increases Dividend

The firm also recently disclosed a dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd were paid a $0.8168 dividend. 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 Trading of ProShares UltraPro Short QQQ

Hedge funds and other institutional investors have recently bought and sold shares of the stock. RBF Capital LLC boosted its position in ProShares UltraPro Short QQQ by 230.7% in the 3rd quarter. RBF Capital LLC now owns 1,671,427 shares of the company’s stock valued at $12,352,000 after buying an additional 1,166,014 shares during the period. Sollinda Capital Management LLC purchased a new stake in shares of ProShares UltraPro Short QQQ during the fourth quarter valued at $13,933,000. Smithfield Trust Co lifted its position in ProShares UltraPro Short QQQ by 138.8% during the 3rd quarter. Smithfield Trust Co now owns 764,000 shares of the company’s stock worth $5,645,000 after acquiring an additional 444,000 shares during the period. Kovitz Investment Group Partners LLC acquired a new position in shares of ProShares UltraPro Short QQQ in the third quarter valued at about $1,848,000. Finally, Squarepoint Ops LLC purchased a new position in shares of ProShares UltraPro Short QQQ in the fourth quarter worth about $7,334,000.

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.