ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Hits New 52-Week Low – Time to Sell?

ProShares UltraPro Short QQQ (NASDAQ:SQQQ)’s stock price reached a new 52-week low during mid-day trading on Friday . The company traded as low as $40.68 and last traded at $40.9640, with a volume of 38294381 shares changing hands. The stock had previously closed at $41.96.

ProShares UltraPro Short QQQ Stock Down 1.1%

The business has a 50 day simple moving average of $61.74 and a 200-day simple moving average of $66.60.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Parallel Advisors LLC boosted its position in shares of ProShares UltraPro Short QQQ by 104.0% during the first quarter. Parallel Advisors LLC now owns 814 shares of the company’s stock worth $66,000 after buying an additional 415 shares during the period. Larson Financial Group LLC acquired a new position in shares of ProShares UltraPro Short QQQ during the fourth quarter worth about $29,000. Osaic Holdings Inc. boosted its position in shares of ProShares UltraPro Short QQQ by 47.2% during the second quarter. Osaic Holdings Inc. now owns 2,170 shares of the company’s stock worth $42,000 after buying an additional 696 shares during the period. FNY Investment Advisers LLC boosted its position in shares of ProShares UltraPro Short QQQ by 25.7% during the fourth quarter. FNY Investment Advisers LLC now owns 5,278 shares of the company’s stock worth $361,000 after buying an additional 1,078 shares during the period. Finally, Sunbelt Securities Inc. acquired a new position in shares of ProShares UltraPro Short QQQ during the fourth quarter worth about $137,000.

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.