ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Shares Gap Down – What’s Next?

ProShares UltraPro Short QQQ (NASDAQ:SQQQ)’s stock price gapped down before the market opened on Monday. The stock had previously closed at $38.90, but opened at $37.33. ProShares UltraPro Short QQQ shares last traded at $37.6670, with a volume of 12,707,894 shares trading hands.

ProShares UltraPro Short QQQ Trading Up 0.4%

The firm has a 50-day moving average of $36.81 and a 200 day moving average of $42.49.

Institutional Trading of ProShares UltraPro Short QQQ

A number of hedge funds have recently made changes to their positions in SQQQ. IMC Chicago LLC grew its holdings in ProShares UltraPro Short QQQ by 267.3% during the 1st quarter. IMC Chicago LLC now owns 809,094 shares of the company’s stock valued at $65,124,000 after purchasing an additional 588,799 shares in the last quarter. Trivest Advisors Ltd purchased a new stake in ProShares UltraPro Short QQQ during the 2nd quarter worth $14,194,000. Nwam LLC acquired a new position in ProShares UltraPro Short QQQ in the 1st quarter worth $1,460,000. Hollencrest Capital Management lifted its holdings in ProShares UltraPro Short QQQ by 99.7% in the 1st quarter. Hollencrest Capital Management now owns 12,900 shares of the company’s stock worth $1,038,000 after buying an additional 6,440 shares in the last quarter. Finally, Tidal Investments LLC lifted its holdings in ProShares UltraPro Short QQQ by 119.8% in the 2nd quarter. Tidal Investments LLC now owns 12,500 shares of the company’s stock worth $463,000 after buying an additional 6,813 shares in the last quarter.

About ProShares UltraPro Short QQQ

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.