ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Shares Gap Up – Time to Buy?

ProShares UltraPro Short QQQ (NASDAQ:SQQQ) shares gapped up prior to trading on Tuesday . The stock had previously closed at $36.93, but opened at $40.26. ProShares UltraPro Short QQQ shares last traded at $39.4090, with a volume of 23,333,001 shares.

ProShares UltraPro Short QQQ Price Performance

The business has a 50-day moving average price of $45.79 and a 200-day moving average price of $61.81.

Institutional Trading of ProShares UltraPro Short QQQ

A number of hedge funds and other institutional investors have recently modified their holdings of SQQQ. Quadrature Capital Ltd acquired a new position in shares of ProShares UltraPro Short QQQ during the 3rd quarter valued at about $33,368,000. IMC Chicago LLC increased its position in ProShares UltraPro Short QQQ by 267.3% during the first quarter. IMC Chicago LLC now owns 809,094 shares of the company’s stock worth $65,124,000 after purchasing an additional 588,799 shares during the last quarter. Citigroup Inc. raised its stake in ProShares UltraPro Short QQQ by 17.5% during the third 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. Flow Traders U.S. LLC raised its stake in ProShares UltraPro Short QQQ by 168.5% during the third quarter. Flow Traders U.S. LLC now owns 672,442 shares of the company’s stock worth $10,241,000 after purchasing an additional 421,972 shares during the period. Finally, Jump Financial LLC boosted its holdings in ProShares UltraPro Short QQQ by 291.5% in the 3rd quarter. Jump Financial LLC now owns 558,887 shares of the company’s stock valued at $8,512,000 after purchasing an additional 416,119 shares during the last quarter.

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.