ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Shares Gap Up – Should You Buy?

ProShares UltraPro Short QQQ (NASDAQ:SQQQ)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $38.64, but opened at $40.08. ProShares UltraPro Short QQQ shares last traded at $39.9430, with a volume of 12,589,883 shares traded.

ProShares UltraPro Short QQQ Trading Down 2.6%

The stock’s 50 day simple moving average is $39.83 and its 200 day simple moving average is $50.19.

Institutional Trading of ProShares UltraPro Short QQQ

Several institutional investors and hedge funds have recently bought and sold shares of the company. Larson Financial Group LLC bought a new position in ProShares UltraPro Short QQQ during the 4th quarter worth approximately $29,000. Parallel Advisors LLC lifted its position in ProShares UltraPro Short QQQ by 105.4% in the 3rd quarter. Parallel Advisors LLC now owns 1,992 shares of the company’s stock valued at $30,000 after purchasing an additional 1,022 shares during the last quarter. Osaic Holdings Inc. grew its position in ProShares UltraPro Short QQQ by 47.2% in the 2nd quarter. Osaic Holdings Inc. now owns 2,170 shares of the company’s stock worth $42,000 after purchasing an additional 696 shares during the last quarter. Beacon Investment Advisory Services Inc. bought a new stake in shares of ProShares UltraPro Short QQQ during the second quarter valued at approximately $46,000. Finally, PayPay Securities Corp boosted its position in shares of ProShares UltraPro Short QQQ by 131.4% during the second quarter. PayPay Securities Corp now owns 2,265 shares of the company’s stock worth $82,000 after buying an additional 1,286 shares during the period.

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.