ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Trading Down 6.4% – Time to Sell?

ProShares UltraPro Short QQQ (NASDAQ:SQQQ)’s stock price dropped 6.4% during mid-day trading on Monday . The stock traded as low as $38.72 and last traded at $38.6550. 53,184,163 shares traded hands during trading, a decline of 11% from the average session volume of 60,013,246 shares. The stock had previously closed at $41.31.

ProShares UltraPro Short QQQ Trading Up 2.6%

The company has a fifty day simple moving average of $43.13 and a 200 day simple moving average of $60.66.

Institutional Trading of ProShares UltraPro Short QQQ

Institutional investors have recently added to or reduced their stakes in the stock. Quadrature Capital Ltd acquired a new position in shares of ProShares UltraPro Short QQQ in the 3rd quarter worth approximately $33,368,000. IMC Chicago LLC raised its stake in ProShares UltraPro Short QQQ by 267.3% during the first quarter. IMC Chicago LLC now owns 809,094 shares of the company’s stock worth $65,124,000 after buying an additional 588,799 shares during the last quarter. Flow Traders U.S. LLC lifted its holdings in ProShares UltraPro Short QQQ by 168.5% in the third quarter. Flow Traders U.S. LLC now owns 672,442 shares of the company’s stock valued at $10,241,000 after buying an additional 421,972 shares during the period. Jump Financial LLC lifted its holdings in ProShares UltraPro Short QQQ by 291.5% in the third quarter. Jump Financial LLC now owns 558,887 shares of the company’s stock valued at $8,512,000 after buying an additional 416,119 shares during the period. Finally, Squarepoint Ops LLC bought a new stake in ProShares UltraPro Short QQQ during the second quarter valued at $6,504,000.

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.