ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Shares Gap Down – Here’s Why

Shares of ProShares UltraPro Short QQQ (NASDAQ:SQQQ) gapped down prior to trading on Monday. The stock had previously closed at $38.90, but opened at $37.33. ProShares UltraPro Short QQQ shares last traded at $37.6670, with a volume of 12,707,894 shares changing hands.

ProShares UltraPro Short QQQ Price Performance

The company’s 50 day simple moving average is $36.82 and its 200 day simple moving average is $43.08.

Institutional Investors Weigh In On ProShares UltraPro Short QQQ

Several large investors have recently bought and sold shares of SQQQ. Trivest Advisors Ltd purchased a new stake in ProShares UltraPro Short QQQ during the second quarter worth $14,194,000. IMC Chicago LLC grew its holdings in ProShares UltraPro Short QQQ by 267.3% in the first quarter. IMC Chicago LLC now owns 809,094 shares of the company’s stock valued at $65,124,000 after purchasing an additional 588,799 shares during the last quarter. Nwam LLC acquired a new position in shares of ProShares UltraPro Short QQQ during the 1st quarter worth $1,460,000. Beacon Investment Advisory Services Inc. acquired a new position in shares of ProShares UltraPro Short QQQ during the 2nd quarter worth $46,000. Finally, PayPay Securities Corp grew its stake in ProShares UltraPro Short QQQ by 131.4% in the 2nd quarter. PayPay Securities Corp now owns 2,265 shares of the company’s stock valued at $82,000 after acquiring an additional 1,286 shares during the last quarter.

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.