ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Shares Gap Up – Still a Buy?

ProShares UltraPro Short QQQ (NASDAQ:SQQQ) shares gapped up before the market opened on Tuesday . The stock had previously closed at $38.51, but opened at $40.03. ProShares UltraPro Short QQQ shares last traded at $39.8930, with a volume of 10,812,139 shares.

ProShares UltraPro Short QQQ Stock Down 0.7%

The firm’s 50 day moving average is $39.88 and its 200-day moving average is $51.68.

Institutional Investors Weigh In On ProShares UltraPro Short QQQ

Hedge funds have recently bought and sold shares of the company. Larson Financial Group LLC bought a new stake in ProShares UltraPro Short QQQ during the 4th quarter valued at approximately $29,000. Parallel Advisors LLC boosted its stake in ProShares UltraPro Short QQQ by 105.4% during the third quarter. Parallel Advisors LLC now owns 1,992 shares of the company’s stock worth $30,000 after buying an additional 1,022 shares in the last quarter. Osaic Holdings Inc. boosted its position in shares of ProShares UltraPro Short QQQ by 47.2% during the 2nd quarter. Osaic Holdings Inc. now owns 2,170 shares of the company’s stock valued at $42,000 after acquiring an additional 696 shares in the last quarter. PayPay Securities Corp grew its stake in shares of ProShares UltraPro Short QQQ by 131.4% in the 2nd quarter. PayPay Securities Corp now owns 2,265 shares of the company’s stock valued at $82,000 after purchasing an additional 1,286 shares during the period. Finally, Ramsey Quantitative Systems bought a new stake in ProShares UltraPro Short QQQ in the second quarter valued at $102,000.

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.