ProShares UltraShort QQQ (NYSEARCA:QID) Stock Pass Above 200-Day Moving Average – Here’s Why

ProShares UltraShort QQQ (NYSEARCA:QID) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $34.10 and traded as high as $38.05. ProShares UltraShort QQQ shares last traded at $37.70, with a volume of 4,069,396 shares trading hands.

ProShares UltraShort QQQ Stock Up 0.7 %

The company has a fifty day moving average price of $32.77 and a two-hundred day moving average price of $34.14.

Hedge Funds Weigh In On ProShares UltraShort QQQ

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. BNP Paribas Financial Markets lifted its holdings in shares of ProShares UltraShort QQQ by 259,700.0% during the third quarter. BNP Paribas Financial Markets now owns 2,598 shares of the exchange traded fund’s stock worth $94,000 after purchasing an additional 2,597 shares during the period. Flow Traders U.S. LLC acquired a new stake in shares of ProShares UltraShort QQQ in the 3rd quarter worth $894,000. Ridgepath Capital Management LLC purchased a new stake in shares of ProShares UltraShort QQQ in the fourth quarter valued at about $4,887,000. Western Pacific Wealth Management LP acquired a new position in shares of ProShares UltraShort QQQ during the fourth quarter worth about $65,000. Finally, SBI Securities Co. Ltd. purchased a new position in ProShares UltraShort QQQ during the fourth quarter worth about $53,000.

ProShares UltraShort QQQ Company Profile

ProShares UltraShort QQQ (the Fund) seeks daily investment results that correspond to twice (200%) the inverse (opposite) of the daily performance of the NASDAQ-100 Index (the Index). The NASDAQ-100 Index includes 100 of the largest domestic and international non-financial companies listed on The NASDAQ Stock Market based on market capitalization.