ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Shares Up 6.8% – Here’s Why

ProShares UltraPro Short QQQ (NASDAQ:SQQQ)’s share price traded up 6.8% during mid-day trading on Thursday . The stock traded as high as $40.50 and last traded at $40.4610. Approximately 54,696,602 shares changed hands during mid-day trading, a decline of 9% from the average daily volume of 60,012,344 shares. The stock had previously closed at $37.88.

ProShares UltraPro Short QQQ Stock Up 7.5%

The firm’s 50 day moving average is $42.75 and its 200 day moving average is $60.46.

Hedge Funds Weigh In On ProShares UltraPro Short QQQ

Several hedge funds and other institutional investors have recently modified their holdings of SQQQ. Quadrature Capital Ltd bought a new position in shares of ProShares UltraPro Short QQQ during the third quarter valued at about $33,368,000. IMC Chicago LLC grew its stake in shares of ProShares UltraPro Short QQQ by 267.3% in the first quarter. IMC Chicago LLC now owns 809,094 shares of the company’s stock worth $65,124,000 after purchasing an additional 588,799 shares during the last quarter. Flow Traders U.S. LLC increased its holdings in ProShares UltraPro Short QQQ by 168.5% during the 3rd quarter. Flow Traders U.S. LLC now owns 672,442 shares of the company’s stock valued at $10,241,000 after purchasing an additional 421,972 shares during the period. Jump Financial LLC raised its position in ProShares UltraPro Short QQQ by 291.5% during the 3rd quarter. Jump Financial LLC now owns 558,887 shares of the company’s stock valued at $8,512,000 after purchasing an additional 416,119 shares during the last quarter. Finally, Squarepoint Ops LLC bought a new position in ProShares UltraPro Short QQQ during the 2nd quarter valued at approximately $6,504,000.

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.