ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Shares Up 3.8% – Still a Buy?

ProShares UltraPro Short QQQ (NASDAQ:SQQQ)’s stock price were up 3.8% on Wednesday. The stock traded as high as $35.15 and last traded at $35.2780. Approximately 23,927,040 shares traded hands during trading, a decline of 57% from the average session volume of 55,676,371 shares. The stock had previously closed at $33.99.

ProShares UltraPro Short QQQ Stock Performance

The business has a 50 day moving average price of $36.89 and a 200-day moving average price of $44.12.

Institutional Trading of ProShares UltraPro Short QQQ

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Beacon Investment Advisory Services Inc. acquired a new stake in ProShares UltraPro Short QQQ in the second quarter valued at $46,000. Parallel Advisors LLC raised its holdings in shares of ProShares UltraPro Short QQQ by 104.0% in the 1st quarter. Parallel Advisors LLC now owns 814 shares of the company’s stock valued at $66,000 after purchasing an additional 415 shares during the period. PayPay Securities Corp raised its holdings in shares of ProShares UltraPro Short QQQ by 131.4% in the 2nd quarter. PayPay Securities Corp now owns 2,265 shares of the company’s stock valued at $82,000 after purchasing an additional 1,286 shares during the period. Ramsey Quantitative Systems bought a new stake in shares of ProShares UltraPro Short QQQ in the 2nd quarter valued at about $102,000. Finally, Eastern Bank acquired a new stake in ProShares UltraPro Short QQQ in the 2nd quarter valued at about $129,000.

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.