ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Shares Gap Up – Should You Buy?

Shares of ProShares UltraPro Short QQQ (NASDAQ:SQQQ) gapped up prior to trading on Tuesday . The stock had previously closed at $36.42, but opened at $37.87. ProShares UltraPro Short QQQ shares last traded at $37.9760, with a volume of 12,440,667 shares changing hands.

ProShares UltraPro Short QQQ Trading Up 4.3%

The company has a 50-day moving average of $39.99 and a 200-day moving average of $54.17.

Institutional Trading of ProShares UltraPro Short QQQ

Institutional investors have recently made changes to their positions in the company. IMC Chicago LLC lifted its position in shares of ProShares UltraPro Short QQQ by 267.3% during the first 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. Jump Financial LLC grew its position in 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 purchasing an additional 416,119 shares in the last quarter. Trivest Advisors Ltd bought a new stake in ProShares UltraPro Short QQQ in the 2nd quarter worth about $14,194,000. Squarepoint Ops LLC purchased a new stake in ProShares UltraPro Short QQQ in the 2nd quarter valued at about $6,504,000. Finally, Goldman Sachs Group Inc. lifted its position in shares of ProShares UltraPro Short QQQ by 42.1% during the 4th quarter. Goldman Sachs Group Inc. now owns 290,209 shares of the company’s stock worth $19,879,000 after buying an additional 85,920 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.