ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Shares Gap Down – Here’s Why

ProShares UltraPro Short QQQ (NASDAQ:SQQQ)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $40.45, but opened at $37.87. ProShares UltraPro Short QQQ shares last traded at $40.2480, with a volume of 19,458,879 shares traded.

ProShares UltraPro Short QQQ Price Performance

The stock has a 50-day moving average of $44.75 and a 200-day moving average of $61.44.

Institutional Trading of ProShares UltraPro Short QQQ

A number of hedge funds and other institutional investors have recently made changes to their positions in SQQQ. Quadrature Capital Ltd acquired a new position in ProShares UltraPro Short QQQ during the third quarter worth $33,368,000. IMC Chicago LLC boosted its stake in shares of ProShares UltraPro Short QQQ by 267.3% during the 1st quarter. IMC Chicago LLC now owns 809,094 shares of the company’s stock worth $65,124,000 after buying an additional 588,799 shares during the last quarter. Flow Traders U.S. LLC boosted its stake in shares of ProShares UltraPro Short QQQ by 168.5% during the 3rd quarter. Flow Traders U.S. LLC now owns 672,442 shares of the company’s stock worth $10,241,000 after buying an additional 421,972 shares during the last quarter. Jump Financial LLC grew its holdings in shares of 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 acquiring an additional 416,119 shares in the last quarter. Finally, Squarepoint Ops LLC acquired a new stake in shares of ProShares UltraPro Short QQQ in the second quarter valued at about $6,504,000.

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.