ProShares UltraShort QQQ (NYSEARCA:QID) Shares Break Above Two Hundred Day Moving Average – Here’s What Happened

ProShares UltraShort QQQ (NYSEARCA:QID) shares crossed above its two hundred day moving average during trading on Thursday. The stock has a two hundred day moving average of $16.47 and traded as high as $16.97. ProShares UltraShort QQQ shares last traded at $16.94, with a volume of 44,175,054 shares traded.

ProShares UltraShort QQQ Stock Performance

The company’s 50-day moving average price is $13.94 and its two-hundred day moving average price is $16.47.

Shares of ProShares UltraShort QQQ are going to reverse split before the market opens on Thursday, November 19th. The 1-4 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the closing bell on Wednesday, November 18th.

Hedge Funds Weigh In On ProShares UltraShort QQQ

A number of hedge funds have recently added to or reduced their stakes in QID. MWA Asset Management purchased a new position in shares of ProShares UltraShort QQQ during the first quarter valued at approximately $204,000. Waverly Advisors LLC bought a new position in ProShares UltraShort QQQ during the first quarter valued at $205,000. F&V Capital Management LLC purchased a new stake in ProShares UltraShort QQQ in the 2nd quarter worth about $338,000. Balefire LLC purchased a new position in ProShares UltraShort QQQ in the 2nd quarter valued at approximately $387,000. Finally, Integrated Advisors Network LLC bought a new stake in shares of ProShares UltraShort QQQ during the first quarter valued at about $421,000.

About ProShares UltraShort QQQ

ProShares UltraShort QQQ (the Fund) seeks daily investment results that correspond to twice (200%) the inverse (opposite) of the daily performance of the NASDAQ-100 Index (the Index). The NASDAQ-100 Index includes 100 of the largest domestic and international non-financial companies listed on The NASDAQ Stock Market based on market capitalization. The Index reflects companies across industry groups, including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology.