ProShares UltraPro QQQ (NASDAQ:TQQQ) Shares Break Below 200-Day Moving Average – Time to Sell?

ProShares UltraPro QQQ (NASDAQ:TQQQ)’s share price crossed below its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $65.44 and traded as low as $59.95. ProShares UltraPro QQQ shares last traded at $62.01, with a volume of 107,181,630 shares changing hands.

ProShares UltraPro QQQ Stock Down 10.5%

The firm has a market cap of $32.17 billion, a PE ratio of 38.25 and a beta of 3.71. The business has a 50-day moving average price of $73.59 and a two-hundred day moving average price of $65.44.

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 company. Ridgepath Capital Management LLC increased its stake in shares of ProShares UltraPro QQQ by 5.8% during the third quarter. Ridgepath Capital Management LLC now owns 69,435 shares of the exchange traded fund’s stock worth $5,418,000 after acquiring an additional 3,778 shares during the period. Intrua Financial LLC lifted its position in ProShares UltraPro QQQ by 4.1% in the third quarter. Intrua Financial LLC now owns 26,435 shares of the exchange traded fund’s stock valued at $2,063,000 after purchasing an additional 1,035 shares during the period. International Assets Investment Management LLC lifted its position in ProShares UltraPro QQQ by 3,657.7% in the third quarter. International Assets Investment Management LLC now owns 121,223 shares of the exchange traded fund’s stock valued at $9,459,000 after purchasing an additional 117,997 shares during the period. Founders Financial Securities LLC acquired a new stake in ProShares UltraPro QQQ in the third quarter valued at about $1,424,000. Finally, PPSC Investment Service Corp lifted its position in ProShares UltraPro QQQ by 5.8% in the third quarter. PPSC Investment Service Corp now owns 1,497,357 shares of the exchange traded fund’s stock valued at $116,839,000 after purchasing an additional 82,599 shares during the period.

About ProShares UltraPro QQQ

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.