ProShares UltraPro Short QQQ (NASDAQ:SQQQ) Shares Gap Up – Here’s What Happened

ProShares UltraPro Short QQQ (NASDAQ:SQQQ) gapped up prior to trading on Tuesday . The stock had previously closed at $38.51, but opened at $40.03. ProShares UltraPro Short QQQ shares last traded at $39.8930, with a volume of 10,812,139 shares changing hands.

ProShares UltraPro Short QQQ Price Performance

The company’s 50 day moving average price is $39.91 and its two-hundred day moving average price is $52.12.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SQQQ. Goldman Sachs Group Inc. purchased a new stake in shares of ProShares UltraPro Short QQQ in the first quarter valued at approximately $7,668,000. JPMorgan Chase & Co. purchased a new position in ProShares UltraPro Short QQQ during the second quarter worth approximately $400,000. Cresset Asset Management LLC purchased a new position in ProShares UltraPro Short QQQ during the second quarter worth approximately $198,000. Jump Financial LLC acquired a new position in ProShares UltraPro Short QQQ during the second quarter worth $2,794,000. Finally, Qube Research & Technologies Ltd grew its holdings in ProShares UltraPro Short QQQ by 2,856.6% in the 2nd quarter. Qube Research & Technologies Ltd now owns 10,969 shares of the company’s stock valued at $215,000 after buying an additional 10,598 shares in 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.