ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Stock Price Up 6.9% – Time to Buy?

ProShares UltraPro Short QQQ (NASDAQ:SQQQ)’s stock price traded up 6.9% on Thursday . The company traded as high as $14.61 and last traded at $14.5640. 128,082,881 shares traded hands during mid-day trading, an increase of 26% from the average session volume of 102,055,547 shares. The stock had previously closed at $13.63.

ProShares UltraPro Short QQQ Price Performance

The stock has a 50 day moving average of $15.00 and a two-hundred day moving average of $19.11.

Shares of ProShares UltraPro Short QQQ are set to reverse split before the market opens on Thursday, November 20th. The 1-5 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the closing bell on Wednesday, November 19th.

ProShares UltraPro Short QQQ Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Wednesday, September 24th were paid a $0.2427 dividend. The ex-dividend date of this dividend was Wednesday, September 24th. This represents a $0.97 dividend on an annualized basis and a yield of 6.7%.

Institutional Trading of ProShares UltraPro Short QQQ

Hedge funds have recently modified their holdings of the business. Parallel Advisors LLC raised its position 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 valued at $30,000 after buying an additional 1,022 shares during the period. CreativeOne Wealth LLC acquired a new stake in shares of ProShares UltraPro Short QQQ during the third quarter worth approximately $831,000. Cedar Wealth Management LLC acquired a new position in ProShares UltraPro Short QQQ in the 3rd quarter valued at approximately $152,000. Intellectus Partners LLC purchased a new stake in ProShares UltraPro Short QQQ in the 3rd quarter worth approximately $381,000. Finally, Group One Trading LLC grew its holdings in shares of ProShares UltraPro Short QQQ by 161.8% during the 3rd quarter. Group One Trading LLC now owns 243,434 shares of the company’s stock valued at $3,708,000 after acquiring an additional 150,441 shares in the last quarter.

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.