ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Stock Price Up 11.8% – Time to Buy?

ProShares UltraPro Short QQQ (NASDAQ:SQQQ) shares traded up 11.8% on Thursday. The stock traded as high as $45.64 and last traded at $46.47. 13,515,670 shares traded hands during trading, a decline of 76% from the average daily volume of 55,413,148 shares. The stock had previously closed at $41.56.

ProShares UltraPro Short QQQ Trading Up 17.1%

The stock’s 50-day moving average is $37.13 and its two-hundred day moving average is $49.90.

Hedge Funds Weigh In On ProShares UltraPro Short QQQ

Several hedge funds and other institutional investors have recently modified their holdings of SQQQ. Tidal Investments LLC boosted its stake in shares of ProShares UltraPro Short QQQ by 119.8% in the 2nd quarter. Tidal Investments LLC now owns 12,500 shares of the company’s stock worth $463,000 after buying an additional 6,813 shares during the last quarter. Beacon Investment Advisory Services Inc. bought a new stake in shares of ProShares UltraPro Short QQQ in the second quarter worth $46,000. Corient Private Wealth LP grew its holdings in shares of ProShares UltraPro Short QQQ by 283.4% in the second quarter. Corient Private Wealth LP now owns 12,253 shares of the company’s stock worth $445,000 after acquiring an additional 9,057 shares during the period. PayPay Securities Corp increased its position in 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 acquiring an additional 1,286 shares during the last quarter. Finally, Trivest Advisors Ltd purchased a new stake in ProShares UltraPro Short QQQ during the second quarter valued at $14,194,000.

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.