ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Sees Significant Decrease in Short Interest

ProShares UltraPro Short QQQ (NASDAQ:SQQQ) was the target of a significant drop in short interest in March. As of March 15th, there was short interest totalling 11,820,000 shares, a drop of 28.7% from the February 28th total of 16,570,000 shares. Based on an average trading volume of 64,990,000 shares, the days-to-cover ratio is currently 0.2 days. Approximately 17.4% of the company’s stock are sold short.

Institutional Investors Weigh In On ProShares UltraPro Short QQQ

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Peoples Bank KS purchased a new stake in ProShares UltraPro Short QQQ during the fourth quarter worth $62,000. Centerpoint Advisors LLC boosted its stake in shares of ProShares UltraPro Short QQQ by 20.0% during the 4th quarter. Centerpoint Advisors LLC now owns 6,000 shares of the company’s stock worth $187,000 after acquiring an additional 1,000 shares in the last quarter. Foundations Investment Advisors LLC acquired a new stake in shares of ProShares UltraPro Short QQQ during the 4th quarter valued at about $360,000. SBI Securities Co. Ltd. acquired a new stake in shares of ProShares UltraPro Short QQQ during the 4th quarter valued at about $423,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of ProShares UltraPro Short QQQ in the 4th quarter valued at about $439,000.

ProShares UltraPro Short QQQ Stock Performance

Shares of SQQQ traded down $0.25 during mid-day trading on Tuesday, hitting $38.09. 31,618,491 shares of the company traded hands, compared to its average volume of 67,651,203. The business has a 50 day moving average of $31.74 and a 200 day moving average of $32.96. ProShares UltraPro Short QQQ has a 1-year low of $26.21 and a 1-year high of $64.95.

ProShares UltraPro Short QQQ Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Wednesday, March 26th will be paid a $0.4823 dividend. The ex-dividend date is Wednesday, March 26th. This represents a $1.93 dividend on an annualized basis and a dividend yield of 5.06%.

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.