ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Shares Gap Up – Should You Buy?

ProShares UltraPro Short QQQ (NASDAQ:SQQQ) shares gapped up prior to trading on Thursday. The stock had previously closed at $36.00, but opened at $37.57. ProShares UltraPro Short QQQ shares last traded at $37.3490, with a volume of 16,558,412 shares.

ProShares UltraPro Short QQQ Trading Up 7.6%

The business has a 50-day moving average of $36.82 and a 200 day moving average of $43.40.

Hedge Funds Weigh In On ProShares UltraPro Short QQQ

Large investors have recently added to or reduced their stakes in the company. Parallel Advisors LLC boosted its stake in ProShares UltraPro Short QQQ by 104.0% in the 1st quarter. Parallel Advisors LLC now owns 814 shares of the company’s stock worth $66,000 after purchasing an additional 415 shares during the period. Beacon Investment Advisory Services Inc. bought a new stake in shares of ProShares UltraPro Short QQQ during the second quarter valued at approximately $46,000. PayPay Securities Corp raised its position in shares of ProShares UltraPro Short QQQ by 131.4% during the second quarter. PayPay Securities Corp now owns 2,265 shares of the company’s stock valued at $82,000 after buying an additional 1,286 shares during the last quarter. Quantinno Capital Management LP purchased a new position in shares of ProShares UltraPro Short QQQ in the first quarter worth $201,000. Finally, J. Safra Sarasin Holding AG purchased a new position in shares of ProShares UltraPro Short QQQ in the first quarter worth $217,000.

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.