ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Shares Down 5.1% – Here’s What Happened

ProShares UltraPro Short QQQ (NASDAQ:SQQQ) were down 5.1% during mid-day trading on Thursday . The stock traded as low as $43.16 and last traded at $42.9420. Approximately 24,583,315 shares changed hands during mid-day trading, a decline of 58% from the average daily volume of 58,660,777 shares. The stock had previously closed at $45.25.

ProShares UltraPro Short QQQ Stock Down 7.4%

The firm’s 50 day simple moving average is $51.71 and its 200-day simple moving average is $63.67.

Institutional Investors Weigh In On ProShares UltraPro Short QQQ

Several hedge funds have recently made changes to their positions in SQQQ. Quadrature Capital Ltd acquired a new stake in shares of ProShares UltraPro Short QQQ during the third quarter worth about $33,368,000. IMC Chicago LLC raised its holdings in ProShares UltraPro Short QQQ by 267.3% during the first quarter. IMC Chicago LLC now owns 809,094 shares of the company’s stock worth $65,124,000 after purchasing an additional 588,799 shares in the last quarter. Smithfield Trust Co raised its holdings in ProShares UltraPro Short QQQ by 330.6% during the third quarter. Smithfield Trust Co now owns 559,600 shares of the company’s stock worth $8,523,000 after purchasing an additional 429,640 shares in the last quarter. Flow Traders U.S. LLC raised its holdings in ProShares UltraPro Short QQQ by 168.5% during the third quarter. Flow Traders U.S. LLC now owns 672,442 shares of the company’s stock worth $10,241,000 after purchasing an additional 421,972 shares in the last quarter. Finally, Jump Financial LLC raised its holdings in ProShares UltraPro Short QQQ by 291.5% during the third quarter. Jump Financial LLC now owns 558,887 shares of the company’s stock worth $8,512,000 after purchasing an additional 416,119 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.