ProShares UltraPro QQQ (NASDAQ:TQQQ) Sets New 52-Week High – Time to Buy?

Shares of ProShares UltraPro QQQ (NASDAQ:TQQQ) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $60.69 and last traded at $60.5380, with a volume of 31203097 shares changing hands. The stock had previously closed at $60.21.

ProShares UltraPro QQQ Price Performance

The stock has a market capitalization of $32.10 billion, a P/E ratio of 38.25 and a beta of 3.53. The business’s 50 day simple moving average is $48.30 and its 200-day simple moving average is $51.84.

Hedge Funds Weigh In On ProShares UltraPro QQQ

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. PPSC Investment Service Corp boosted its position in shares of ProShares UltraPro QQQ by 2.5% during the first quarter. PPSC Investment Service Corp now owns 1,279,774 shares of the exchange traded fund’s stock worth $53,341,000 after purchasing an additional 30,989 shares in the last quarter. Princeton Global Asset Management LLC bought a new position in shares of ProShares UltraPro QQQ during the first quarter worth $50,000. Hilton Head Capital Partners LLC boosted its position in shares of ProShares UltraPro QQQ by 101.0% during the first quarter. Hilton Head Capital Partners LLC now owns 5,126 shares of the exchange traded fund’s stock worth $214,000 after purchasing an additional 2,576 shares in the last quarter. Surience Private Wealth LLC bought a new position in shares of ProShares UltraPro QQQ during the first quarter worth $552,000. Finally, Halbert Hargrove Global Advisors LLC boosted its position in shares of ProShares UltraPro QQQ by 41.1% during the first quarter. Halbert Hargrove Global Advisors LLC now owns 1,202 shares of the exchange traded fund’s stock worth $50,000 after purchasing an additional 350 shares in the last quarter.

ProShares UltraPro QQQ Company Profile

Proshares UltraPro QQQ ETF (the Fund) seeks daily investment results, before fees and expenses that correspond to triple (300%) the daily performance of the NASDAQ-100 Index (the Index). The Fund invests in equity securities, derivatives, such as futures contracts, swap agreements, and money market instruments. ProShare Advisors LLC (ProShare Advisors) provides the investment advisory and management services for the Fund.