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

ProShares UltraPro Short QQQ (NASDAQ:SQQQ) shares gapped down before the market opened on Thursday . The stock had previously closed at $40.61, but opened at $38.69. ProShares UltraPro Short QQQ shares last traded at $38.9540, with a volume of 15,947,548 shares.

ProShares UltraPro Short QQQ Trading Down 5.0%

The stock has a fifty day simple moving average of $39.87 and a two-hundred day simple moving average of $49.41.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. IMC Chicago LLC increased its stake in ProShares UltraPro Short QQQ by 267.3% in the 1st quarter. IMC Chicago LLC now owns 809,094 shares of the company’s stock worth $65,124,000 after acquiring an additional 588,799 shares during the last quarter. Trivest Advisors Ltd purchased a new stake in ProShares UltraPro Short QQQ in the second quarter valued at approximately $14,194,000. Hamilton Wealth LLC grew its stake in ProShares UltraPro Short QQQ by 1,087.5% in the 4th quarter. Hamilton Wealth LLC now owns 118,754 shares of the company’s stock worth $8,135,000 after buying an additional 108,754 shares in the last quarter. Nwam LLC purchased a new position in ProShares UltraPro Short QQQ in the 1st quarter worth approximately $1,460,000. Finally, Axxcess Wealth Management LLC purchased a new stake in shares of ProShares UltraPro Short QQQ during the 4th quarter valued at $1,322,000.

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.