ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Trading Down 4.1% – Here’s Why

ProShares UltraPro Short QQQ (NASDAQ:SQQQ)’s share price dropped 4.1% during trading on Wednesday . The company traded as low as $42.20 and last traded at $42.5440. Approximately 32,743,619 shares were traded during trading, a decline of 42% from the average daily volume of 56,220,078 shares. The stock had previously closed at $44.37.

ProShares UltraPro Short QQQ Price Performance

The stock has a 50-day simple moving average of $63.46 and a 200-day simple moving average of $67.12.

Hedge Funds Weigh In On ProShares UltraPro Short QQQ

Several hedge funds have recently made changes to their positions in SQQQ. Larson Financial Group LLC purchased a new position in shares of ProShares UltraPro Short QQQ in the fourth quarter valued at $29,000. Parallel Advisors LLC grew its position in shares of ProShares UltraPro Short QQQ by 105.4% in the third quarter. Parallel Advisors LLC now owns 1,992 shares of the company’s stock valued at $30,000 after purchasing an additional 1,022 shares in the last quarter. Osaic Holdings Inc. grew its position in shares of ProShares UltraPro Short QQQ by 47.2% in the second quarter. Osaic Holdings Inc. now owns 2,170 shares of the company’s stock valued at $42,000 after purchasing an additional 696 shares in the last quarter. FNY Investment Advisers LLC purchased a new position in shares of ProShares UltraPro Short QQQ in the third quarter valued at $63,000. Finally, Sunbelt Securities Inc. purchased a new position in shares of ProShares UltraPro Short QQQ in the fourth quarter valued at $137,000.

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.