ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Stock Price Up 6.3% – Still a Buy?

ProShares UltraPro Short QQQ (NASDAQ:SQQQ) shares rose 6.3% during trading on Monday . The stock traded as high as $40.04 and last traded at $40.16. 41,586,855 shares traded hands during trading, a decline of 30% from the average daily volume of 59,775,082 shares. The stock had previously closed at $37.78.

ProShares UltraPro Short QQQ Stock Performance

The firm has a 50 day simple moving average of $40.20 and a two-hundred day simple moving average of $58.50.

Institutional Trading of ProShares UltraPro Short QQQ

Institutional investors and hedge funds have recently modified their holdings of the business. IMC Chicago LLC grew its stake in shares of 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. Jump Financial LLC increased its holdings in shares of ProShares UltraPro Short QQQ by 291.5% during the third quarter. Jump Financial LLC now owns 558,887 shares of the company’s stock worth $8,512,000 after buying an additional 416,119 shares in the last quarter. Squarepoint Ops LLC bought a new position in shares of ProShares UltraPro Short QQQ in the 2nd quarter valued at $6,504,000. Goldman Sachs Group Inc. acquired a new stake in shares of ProShares UltraPro Short QQQ during the 1st quarter valued at $7,668,000. Finally, JPMorgan Chase & Co. boosted its holdings in shares of ProShares UltraPro Short QQQ by 804.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 184,884 shares of the company’s stock valued at $2,816,000 after acquiring an additional 164,440 shares in the last quarter.

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.