ProShares Ultra QQQ (NYSEARCA:QLD) Shares Up 0.5% – Still a Buy?

ProShares Ultra QQQ (NYSEARCA:QLD) shares traded up 0.5% during trading on Wednesday . The company traded as high as $70.52 and last traded at $69.52. 4,045,347 shares changed hands during trading, a decline of 30% from the average session volume of 5,738,713 shares. The stock had previously closed at $69.18.

ProShares Ultra QQQ Price Performance

The stock has a market capitalization of $10.34 billion, a PE ratio of 31.03 and a beta of 2.31. The company has a 50 day moving average price of $71.42 and a 200-day moving average price of $68.70.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Howard Capital Management Inc. grew its stake in ProShares Ultra QQQ by 95.4% in the fourth quarter. Howard Capital Management Inc. now owns 12,277,706 shares of the company’s stock worth $864,473,000 after purchasing an additional 5,993,035 shares during the period. Global View Capital Management LLC grew its position in shares of ProShares Ultra QQQ by 116.2% in the 4th quarter. Global View Capital Management LLC now owns 1,802,525 shares of the company’s stock worth $126,916,000 after buying an additional 968,727 shares during the period. Main Street Group LTD increased its stake in shares of ProShares Ultra QQQ by 89.9% in the 4th quarter. Main Street Group LTD now owns 1,039,176 shares of the company’s stock worth $73,168,000 after acquiring an additional 491,865 shares in the last quarter. Clearstead Trust LLC grew its holdings in ProShares Ultra QQQ by 102.4% in the fourth quarter. Clearstead Trust LLC now owns 731,539 shares of the company’s stock worth $51,508,000 after purchasing an additional 370,086 shares during the period. Finally, Focus Financial Network Inc. increased its position in ProShares Ultra QQQ by 100.1% during the 4th quarter. Focus Financial Network Inc. now owns 599,334 shares of the company’s stock valued at $42,199,000 after buying an additional 299,761 shares in the last quarter.

ProShares Ultra QQQ Company Profile

ProShares Ultra QQQ (the Fund), formerly Ultra QQQ ProShares, seeks daily investment results that correspond to twice the daily performance of the NASDAQ-100 Index. The NASDAQ-100 Index represents the largest non-financial domestic and international issues listed on The NASDAQ Stock Market. To be eligible for inclusion, companies cannot be in bankruptcy proceedings and must meet certain additional criteria, including minimum trading volume and seasoning requirements. The Index is calculated under a modified capitalization-weighted methodology.