ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Shares Gap Up – Time to Buy?

ProShares UltraPro Short QQQ (NASDAQ:SQQQ) shares gapped up prior to trading on Thursday . The stock had previously closed at $40.94, but opened at $42.81. ProShares UltraPro Short QQQ shares last traded at $43.5450, with a volume of 23,928,693 shares changing hands.

ProShares UltraPro Short QQQ Stock Up 5.9%

The stock has a 50 day simple moving average of $39.90 and a two-hundred day simple moving average of $57.42.

Institutional Trading of ProShares UltraPro Short QQQ

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Parallel Advisors LLC grew its holdings in shares of ProShares UltraPro Short QQQ by 104.0% during the first quarter. Parallel Advisors LLC now owns 814 shares of the company’s stock worth $66,000 after buying an additional 415 shares during the last quarter. Larson Financial Group LLC acquired a new stake in ProShares UltraPro Short QQQ during the 4th quarter worth approximately $29,000. Osaic Holdings Inc. grew its stake in shares of ProShares UltraPro Short QQQ by 47.2% in the 2nd quarter. Osaic Holdings Inc. now owns 2,170 shares of the company’s stock valued at $42,000 after purchasing an additional 696 shares during the last quarter. FNY Investment Advisers LLC increased its holdings in shares of ProShares UltraPro Short QQQ by 25.7% in the fourth quarter. FNY Investment Advisers LLC now owns 5,278 shares of the company’s stock valued at $361,000 after purchasing an additional 1,078 shares during the period. Finally, Sunbelt Securities Inc. purchased a new stake in shares of ProShares UltraPro Short QQQ during the fourth quarter worth approximately $137,000.

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.