ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Trading Down 4.1% – What’s Next?

ProShares UltraPro Short QQQ (NASDAQ:SQQQ)’s stock price were down 4.1% on Wednesday . The company traded as low as $42.20 and last traded at $42.5440. Approximately 32,743,619 shares were traded during mid-day trading, a decline of 42% from the average daily volume of 56,220,078 shares. The stock had previously closed at $44.37.

ProShares UltraPro Short QQQ Stock Performance

The firm’s 50-day moving average is $62.32 and its 200 day moving average is $66.77.

Hedge Funds Weigh In On ProShares UltraPro Short QQQ

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Parallel Advisors LLC increased its position in ProShares UltraPro Short QQQ by 104.0% during the first quarter. Parallel Advisors LLC now owns 814 shares of the company’s stock worth $66,000 after purchasing an additional 415 shares during the last quarter. Larson Financial Group LLC acquired a new position in ProShares UltraPro Short QQQ during the fourth quarter worth approximately $29,000. Osaic Holdings Inc. increased its position in ProShares UltraPro Short QQQ by 47.2% during the second 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. FNY Investment Advisers LLC increased its position in ProShares UltraPro Short QQQ by 25.7% during the fourth quarter. FNY Investment Advisers LLC now owns 5,278 shares of the company’s stock worth $361,000 after purchasing an additional 1,078 shares during the last quarter. Finally, Sunbelt Securities Inc. acquired a new position in ProShares UltraPro Short QQQ during the fourth quarter worth approximately $137,000.

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. 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.