ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Shares Gap Down – Here’s Why

ProShares UltraPro Short QQQ (NASDAQ:SQQQ) shares gapped down prior to trading on Tuesday . The stock had previously closed at $41.50, but opened at $40.05. ProShares UltraPro Short QQQ shares last traded at $39.86, with a volume of 12,189,875 shares traded.

ProShares UltraPro Short QQQ Price Performance

The business has a 50-day moving average price of $59.68 and a 200 day moving average price of $65.99.

Institutional Investors Weigh In On ProShares UltraPro Short QQQ

A number of institutional investors have recently made changes to their positions in SQQQ. Goldman Sachs Group Inc. purchased a new stake in shares of ProShares UltraPro Short QQQ during the first quarter valued at approximately $7,668,000. JPMorgan Chase & Co. purchased a new stake in shares of ProShares UltraPro Short QQQ during the second quarter valued at approximately $400,000. Cresset Asset Management LLC purchased a new stake in shares of ProShares UltraPro Short QQQ during the second quarter valued at approximately $198,000. Jump Financial LLC purchased a new stake in shares of ProShares UltraPro Short QQQ during the second quarter valued at approximately $2,794,000. Finally, Qube Research & Technologies Ltd grew its holdings in shares of ProShares UltraPro Short QQQ by 2,856.6% during the second quarter. Qube Research & Technologies Ltd now owns 10,969 shares of the company’s stock valued at $215,000 after buying an additional 10,598 shares during the last quarter.

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.