Short Interest in ProShares UltraShort Top QQQ (NASDAQ:QQDN) Drops By 88.2%

ProShares UltraShort Top QQQ (NASDAQ:QQDN) was the target of a large drop in short interest in the month of May. As of May 15th, there was short interest totaling 582 shares, a drop of 88.2% from the April 30th total of 4,937 shares. Based on an average daily volume of 2,267 shares, the days-to-cover ratio is currently 0.3 days. Currently, 1.2% of the company’s shares are sold short.

ProShares UltraShort Top QQQ Price Performance

NASDAQ QQDN traded down $0.10 on Friday, hitting $20.10. 256 shares of the company were exchanged, compared to its average volume of 3,188. ProShares UltraShort Top QQQ has a twelve month low of $19.63 and a twelve month high of $41.14. The company’s 50 day moving average price is $25.42 and its 200-day moving average price is $26.38.

Institutional Investors Weigh In On ProShares UltraShort Top QQQ

A hedge fund recently bought a new stake in ProShares UltraShort Top QQQ stock. BNP Paribas Financial Markets acquired a new position in ProShares UltraShort Top QQQ (NASDAQ:QQDN) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 100,000 shares of the company’s stock, valued at approximately $3,662,000. BNP Paribas Financial Markets owned 90.91% of ProShares UltraShort Top QQQ as of its most recent filing with the SEC.

About ProShares UltraShort Top QQQ

ProShares Trust – ProShares UltraShort Top QQQ is an exchange traded fund launched and managed by ProShare Advisors LLC. The fund invests in public equity markets of global region. The fund invests through derivatives in stocks of companies operating across diversified sector. The fund uses derivatives such as swaps to create its portfolio. It invests in growth and value stocks of large-cap companies. It seeks to track -2x the daily performance of the Nasdaq-100 Index, by using full replication technique.