ProShares Short QQQ (NYSEARCA:PSQ) Stock Price Up 0.2% – Should You Buy?

ProShares Short QQQ (NYSEARCA:PSQ)’s stock price shot up 0.2% during mid-day trading on Monday . The stock traded as high as $25.34 and last traded at $25.22. Approximately 6,414,464 shares were traded during mid-day trading, a decline of 42% from the average daily volume of 11,102,102 shares. The stock had previously closed at $25.18.

ProShares Short QQQ Price Performance

The stock has a 50 day moving average of $26.70 and a 200 day moving average of $29.25.

Hedge Funds Weigh In On ProShares Short QQQ

Hedge funds and other institutional investors have recently modified their holdings of the company. UBS Group AG lifted its position in ProShares Short QQQ by 129.4% in the 4th quarter. UBS Group AG now owns 1,384,348 shares of the company’s stock worth $41,807,000 after buying an additional 780,849 shares during the last quarter. Arkadios Wealth Advisors bought a new position in ProShares Short QQQ during the first quarter valued at approximately $9,522,000. Renaissance Technologies LLC bought a new position in ProShares Short QQQ during the first quarter valued at approximately $8,408,000. Jump Financial LLC bought a new position in ProShares Short QQQ during the fourth quarter valued at approximately $7,343,000. Finally, One Plus One Wealth Management LLC raised its stake in shares of ProShares Short QQQ by 64.9% during the fourth quarter. One Plus One Wealth Management LLC now owns 436,318 shares of the company’s stock worth $13,177,000 after acquiring an additional 171,757 shares in the last quarter.

About ProShares Short QQQ

ProShares Short QQQ is focused on daily investment results that correspond to the inverse (opposite) of the daily performance of the NASDAQ-100 Index. The NASDAQ-100 Index represents non-financial domestic and international issues listed on The NASDAQ Stock Market. The Fund takes positions in financial instruments (including derivatives) that in combination should have similar daily return characteristics as the inverse of the NASDAQ-100 Index. ProShares Short QQQ will not directly sell short the equity securities of issuers contained in the NASDAQ-100 Index.