ProShares UltraPro Short QQQ Target of Unusually High Options Trading (NASDAQ:SQQQ)

ProShares UltraPro Short QQQ (NASDAQ:SQQQ) was the target of some unusual options trading on Thursday. Stock traders acquired 285,894 call options on the company. This represents an increase of approximately 39% compared to the typical volume of 205,311 call options.

ProShares UltraPro Short QQQ Stock Up 5.7%

Shares of SQQQ stock traded up $0.77 during trading on Thursday, reaching $14.28. The company had a trading volume of 201,809,180 shares, compared to its average volume of 100,937,484. The firm’s 50 day simple moving average is $15.40 and its two-hundred day simple moving average is $19.88. ProShares UltraPro Short QQQ has a one year low of $12.68 and a one year high of $57.80.

Shares of ProShares UltraPro Short QQQ are going 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 market closes 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. Stockholders of record on Wednesday, September 24th were issued a dividend of $0.2427 per share. This represents a $0.97 annualized dividend and a dividend yield of 6.8%. The ex-dividend date of this dividend was Wednesday, September 24th.

Hedge Funds Weigh In On ProShares UltraPro Short QQQ

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Redwood Park Advisors LLC grew its stake in ProShares UltraPro Short QQQ by 69.3% in the first quarter. Redwood Park Advisors LLC now owns 887 shares of the company’s stock valued at $34,000 after acquiring an additional 363 shares during the period. 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. PayPay Securities Corp boosted its position in shares of ProShares UltraPro Short QQQ by 100.8% during the second quarter. PayPay Securities Corp now owns 3,124 shares of the company’s stock worth $61,000 after buying an additional 1,568 shares during the period. Game Plan Financial Advisors LLC boosted its position in shares of ProShares UltraPro Short QQQ by 16,818.2% during the first quarter. Game Plan Financial Advisors LLC now owns 1,861 shares of the company’s stock worth $71,000 after buying an additional 1,850 shares during the period. Finally, MAI Capital Management acquired a new position in shares of ProShares UltraPro Short QQQ during the second quarter worth about $38,000.

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.