ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Stock Jumps 11.8% – Time to Buy?

ProShares UltraPro Short QQQ (NASDAQ:SQQQ)’s share price were up 11.8% during mid-day trading on Thursday. The stock traded as high as $45.64 and last traded at $46.47. Approximately 13,515,670 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 55,413,148 shares. The stock had previously closed at $41.56.

ProShares UltraPro Short QQQ Stock Up 17.1%

The firm’s 50 day moving average price is $37.13 and its 200-day moving average price is $49.90.

Hedge Funds Weigh In On ProShares UltraPro Short QQQ

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SQQQ. IMC Chicago LLC boosted 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 buying an additional 588,799 shares during the last quarter. Trivest Advisors Ltd bought a new stake in ProShares UltraPro Short QQQ in the 2nd quarter worth about $14,194,000. Nwam LLC purchased a new position in ProShares UltraPro Short QQQ in the 1st quarter worth about $1,460,000. Hollencrest Capital Management raised its position 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 during the last quarter. Finally, Tidal Investments LLC raised its position 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 during the last quarter.

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.