ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Stock Price Down 5.9% – Should You Sell?

ProShares UltraPro Short QQQ (NASDAQ:SQQQ) dropped 5.9% on Thursday . The stock traded as low as $37.09 and last traded at $37.1950. Approximately 22,363,671 shares changed hands during trading, a decline of 62% from the average daily volume of 59,358,406 shares. The stock had previously closed at $39.52.

ProShares UltraPro Short QQQ Stock Performance

The firm has a fifty day simple moving average of $47.85 and a two-hundred day simple moving average of $62.48.

Hedge Funds Weigh In On ProShares UltraPro Short QQQ

Institutional investors and hedge funds have recently modified their holdings of the stock. Sollinda Capital Management LLC purchased a new position in shares of ProShares UltraPro Short QQQ in the 4th quarter worth approximately $3,435,000. CreativeOne Wealth LLC purchased a new position in shares of ProShares UltraPro Short QQQ in the 3rd quarter worth approximately $831,000. Citigroup Inc. boosted its holdings in shares of ProShares UltraPro Short QQQ by 17.5% in the 3rd quarter. Citigroup Inc. now owns 714,260 shares of the company’s stock worth $10,878,000 after purchasing an additional 106,243 shares during the period. Intellectus Partners LLC purchased a new position in shares of ProShares UltraPro Short QQQ in the 3rd quarter worth approximately $381,000. Finally, Maxi Investments CY Ltd purchased a new position in shares of ProShares UltraPro Short QQQ in the 3rd quarter worth approximately $1,980,000.

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.