ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Trading Down 4.5% – Time to Sell?

ProShares UltraPro Short QQQ (NASDAQ:SQQQ) dropped 4.5% on Tuesday . The stock traded as low as $40.66 and last traded at $40.7750. 16,031,005 shares changed hands during trading, a decline of 73% from the average session volume of 59,253,508 shares. The stock had previously closed at $42.68.

ProShares UltraPro Short QQQ Trading Up 1.6%

The stock has a fifty day moving average price of $39.90 and a 200-day moving average price of $57.42.

Hedge Funds Weigh In On ProShares UltraPro Short QQQ

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Larson Financial Group LLC acquired a new stake in ProShares UltraPro Short QQQ during the 4th quarter valued at $29,000. Parallel Advisors LLC raised its position in shares of ProShares UltraPro Short QQQ by 105.4% during the 3rd quarter. Parallel Advisors LLC now owns 1,992 shares of the company’s stock valued at $30,000 after acquiring an additional 1,022 shares in the last quarter. Osaic Holdings Inc. raised its holdings 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 purchasing an additional 696 shares during the period. Ramsey Quantitative Systems acquired a new position in ProShares UltraPro Short QQQ in the second quarter valued at approximately $102,000. Finally, Eastern Bank bought a new position in ProShares UltraPro Short QQQ during the 2nd quarter worth $129,000.

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. 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.