ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Shares Down 4.7% – Here’s Why

Shares of ProShares UltraPro Short QQQ (NASDAQ:SQQQ) traded down 4.7% on Friday . The company traded as low as $71.38 and last traded at $71.0390. 33,901,519 shares traded hands during trading, a decline of 28% from the average session volume of 47,164,723 shares. The stock had previously closed at $74.58.

ProShares UltraPro Short QQQ Stock Down 6.5%

The stock’s 50 day moving average price is $67.37 and its 200 day moving average price is $75.72.

ProShares UltraPro Short QQQ Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 24th were given a $1.5055 dividend. The ex-dividend date of this dividend was Wednesday, December 24th. This is a positive change from ProShares UltraPro Short QQQ’s previous quarterly dividend of $1.21. This represents a $6.02 annualized dividend and a dividend yield of 8.6%.

Hedge Funds Weigh In On ProShares UltraPro Short QQQ

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Lane Generational LLC purchased a new position in shares of ProShares UltraPro Short QQQ in the second quarter valued at $4,187,000. AXS Investments LLC acquired a new position in ProShares UltraPro Short QQQ in the 3rd quarter worth $3,251,000. SBI Securities Co. Ltd. boosted its position in ProShares UltraPro Short QQQ by 448.3% in the 3rd quarter. SBI Securities Co. Ltd. now owns 105,962 shares of the company’s stock valued at $1,614,000 after buying an additional 86,635 shares during the last quarter. Gables Capital Management Inc. grew its stake in shares of ProShares UltraPro Short QQQ by 600.0% during the second quarter. Gables Capital Management Inc. now owns 3,500 shares of the company’s stock valued at $68,000 after acquiring an additional 3,000 shares in the last quarter. Finally, Belvedere Trading LLC acquired a new stake in shares of ProShares UltraPro Short QQQ during the second quarter valued at about $249,000.

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.