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

ProShares UltraPro Short QQQ (NASDAQ:SQQQ) gapped up prior to trading on Friday . The stock had previously closed at $40.89, but opened at $43.43. ProShares UltraPro Short QQQ shares last traded at $42.6270, with a volume of 16,293,609 shares changing hands.

ProShares UltraPro Short QQQ Stock Up 5.0%

The firm has a 50 day simple moving average of $39.97 and a two-hundred day simple moving average of $58.15.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. IMC Chicago LLC increased its stake in ProShares UltraPro Short QQQ by 267.3% in the first quarter. IMC Chicago LLC now owns 809,094 shares of the company’s stock valued at $65,124,000 after purchasing an additional 588,799 shares in the last quarter. Jump Financial LLC raised its holdings in ProShares UltraPro Short QQQ by 291.5% in the third quarter. Jump Financial LLC now owns 558,887 shares of the company’s stock worth $8,512,000 after purchasing an additional 416,119 shares during the period. Squarepoint Ops LLC bought a new position in shares of ProShares UltraPro Short QQQ during the second quarter worth $6,504,000. Goldman Sachs Group Inc. boosted its position in shares of ProShares UltraPro Short QQQ by 42.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 290,209 shares of the company’s stock worth $19,879,000 after purchasing an additional 85,920 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in shares of ProShares UltraPro Short QQQ by 804.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 184,884 shares of the company’s stock valued at $2,816,000 after buying an additional 164,440 shares during the period.

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.