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

ProShares UltraPro Short QQQ (NASDAQ:SQQQ)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $32.51, but opened at $34.13. ProShares UltraPro Short QQQ shares last traded at $33.67, with a volume of 17,219,455 shares changing hands.

ProShares UltraPro Short QQQ Price Performance

The company has a fifty day moving average price of $29.49 and a 200-day moving average price of $33.78.

ProShares UltraPro Short QQQ Increases Dividend

The company also recently announced a dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 23rd were given a dividend of $0.8168 per share. This is an increase 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

A number of hedge funds have recently bought and sold shares of the business. RBF Capital LLC grew its stake in shares of 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 worth $12,352,000 after buying an additional 1,166,014 shares in the last quarter. Smithfield Trust Co increased its stake in ProShares UltraPro Short QQQ by 138.8% during the third 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 last quarter. Sollinda Capital Management LLC bought a new stake in ProShares UltraPro Short QQQ during the fourth quarter worth approximately $13,933,000. Kovitz Investment Group Partners LLC purchased a new stake in ProShares UltraPro Short QQQ during the third quarter valued at approximately $1,848,000. Finally, Squarepoint Ops LLC purchased a new position in shares of ProShares UltraPro Short QQQ in the 4th quarter worth approximately $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.