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

ProShares UltraPro Short QQQ (NASDAQ:SQQQ)’s stock price gapped up prior to trading on Thursday. The stock had previously closed at $40.55, but opened at $42.34. ProShares UltraPro Short QQQ shares last traded at $41.64, with a volume of 18,228,412 shares changing hands.

ProShares UltraPro Short QQQ Stock Performance

The stock has a 50 day simple moving average of $37.73 and a 200 day simple moving average of $49.34.

Hedge Funds Weigh In On ProShares UltraPro Short QQQ

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Tidal Investments LLC increased its stake in shares of ProShares UltraPro Short QQQ by 119.8% in the second quarter. Tidal Investments LLC now owns 12,500 shares of the company’s stock worth $463,000 after buying an additional 6,813 shares during the last quarter. Beacon Investment Advisory Services Inc. acquired a new stake in ProShares UltraPro Short QQQ during the second quarter valued at approximately $46,000. Corient Private Wealth LP raised its stake in ProShares UltraPro Short QQQ by 283.4% during the second quarter. Corient Private Wealth LP now owns 12,253 shares of the company’s stock valued at $445,000 after buying an additional 9,057 shares in the last quarter. PayPay Securities Corp lifted its holdings in ProShares UltraPro Short QQQ by 131.4% during the 2nd 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 last quarter. Finally, Trivest Advisors Ltd bought a new position in ProShares UltraPro Short QQQ during the 2nd quarter worth approximately $14,194,000.

ProShares UltraPro Short QQQ Company Profile

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.