ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Shares Up 6.8% – Still a Buy?

Shares of ProShares UltraPro Short QQQ (NASDAQ:SQQQ) traded up 6.8% on Thursday . The company traded as high as $40.50 and last traded at $40.4610. Approximately 54,696,602 shares changed hands during trading, a decline of 9% from the average daily volume of 60,012,344 shares. The stock had previously closed at $37.88.

ProShares UltraPro Short QQQ Stock Performance

The firm’s 50-day simple moving average is $42.10 and its 200 day simple moving average is $60.10.

Institutional Trading of ProShares UltraPro Short QQQ

Institutional investors have recently added to or reduced their stakes in the stock. Quadrature Capital Ltd purchased a new position in ProShares UltraPro Short QQQ in the third quarter valued at about $33,368,000. IMC Chicago LLC boosted its stake in shares of ProShares UltraPro Short QQQ by 267.3% during the 1st quarter. IMC Chicago LLC now owns 809,094 shares of the company’s stock worth $65,124,000 after acquiring an additional 588,799 shares in the last quarter. Flow Traders U.S. LLC grew its holdings in shares of ProShares UltraPro Short QQQ by 168.5% in the 3rd quarter. Flow Traders U.S. LLC now owns 672,442 shares of the company’s stock worth $10,241,000 after acquiring an additional 421,972 shares during the period. Jump Financial LLC grew its holdings in shares of ProShares UltraPro Short QQQ by 291.5% in the 3rd quarter. Jump Financial LLC now owns 558,887 shares of the company’s stock worth $8,512,000 after acquiring an additional 416,119 shares during the period. Finally, Squarepoint Ops LLC purchased a new position in ProShares UltraPro Short QQQ in the 2nd quarter valued at approximately $6,504,000.

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.